(Reuters) – Nikolai Storonsky, chief executive of British fintech firm Revolut, will sell part of his multibillion-dollar stake in the company as part of a $500 million share sale, Sky News reported on Sunday.
The Financial Times reported last month that the digital finance app is working with bankers to sell shares, including those held by employees, that could be worth more than $40 billion.
The report added that the size of Storonsky’s stake in the company is unclear, and that the scope of any action will depend on the valuation that Revolut is able to attract from new investors, as well as the final allocation decisions that the company takes.
Revolut declined to comment when contacted by Reuters.
The company has indicated its goal of a public listing, but its interim chief financial officer, Victor Stinga, declined earlier this month to comment on any timetable for an IPO.
Revolut posted a record pre-tax profit of £438 million ($553.8 million) in 2023 on strong user growth and higher interest-related income, as it looks to cement its place as Europe’s most valuable startup.
The British fintech industry has faced a funding crisis in recent years as investors have become more skeptical about sky-high valuations in the pandemic era and put pressure on companies to make a profit.
Revolut has applied for a banking license in the UK, but is still waiting for approval after three years.