The billionaire founder of Revolut has reaped a £350m windfall from the disposal of shares in the fintech giant after the company extended a deal to allow existing investors to offload part of their holdings.
Sky News has learnt that Nik Storonsky has sold well over $400m (£330m) of stock in the digital banking and payments group as part of an ongoing secondary share sale.
Sources close to Revolut said on Monday that the final proceeds to Mr Storonsky could be even higher once the secondary round closes.
The windfall is one of the largest struck by a European tech founder for years and underlines the rapid growth of Revolut, which was founded only a decade ago and now boasts a $45bn valuation.
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Sky News reported last autumn that Mr Storonsky was selling up to $300m of shares during a period in which the share sale was only open to current employees of the company.
It was subsequently expanded to enable early investors to dispose of shares, with the current total having been sold in this round now exceeding $1bn, according to insiders.
Mr Storonsky’s stake in Revolut has been estimated to be worth in the region of $8bn.
Prominent technology investors including the Abu Dhabi sovereign wealth fund Mubadala, Coatue and D1 Capital Partners joined the ranks of Revolut’s investors in the latest round.
Several thousand Revolut employees are said to have participated in the share sale.
“We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success,” Mr Storonsky said in August.
“It’s their hard work, innovation and dedication that has driven us to become the most valuable private technology company in Europe.”
A Revolut spokesman declined to comment on the extent of Mr Storonsky’s participation in the secondary share sale.
The deal cemented his status as one of the world’s wealthiest technology company bosses.
The news of his larger-than-reported share…
