Revolut founder’s wealth set to balloon amid talks of share award at $500bn valuation
The billionaire founder of Revolut is set to see his wealth balloon following reports of a pay package that would land him a major stock windfall if the fintech reaches a $500bn valuation.
The digital bank, which is currently undergoing a secondary share sale seeking to value the firm at $115bn, is in discussions to award Nik Storonsky a new incentive deal based around Revolut’s target valuations.
Storonsky already has a package that awards gradual pay bumps as Revolut hits higher valuation milestones.
In a Russian-language interview in December, the fintech chief said his current package puts him in line for a 40 per cent holding of Revolut at a $200bn valuation. This would put him in line for a payout of around £57bn, catapulting him to become the richest man in Britain.
Revolut secured a $75bn valuation last year following investment from Nvidia, but the fintech giant does not disclose Storonsky’s specific holdings, but company filings place it around the 30 per cent mark.
Target-based packages have become a theme amongst the fastest-growing global technology companies, with Elon Musk landing a record-breaking pay package worth up to $1tn last year, based on his drastic increase in Tesla’s market value over a ten-year period.
If a new deal is inked for Storonsky, it will be the largest of its kind in Europe.
Revolut founder climbs up the Rich List
Talks of a new package, which were first reported by the Financial Times, follow Storonsky shooting up Britain’s wealth rankings in the last year.
The fintech boss, who was born in Russia but became a British citizen following a move to London, climbed 20 spaces in the Sunday Times Rich List to seventh place. Storonsky’s wealth was recorded at £16.4bn, following an average gain of £25.8m a day since the prior year’s list.
Revolut is speculated to be eyeing a public debut in 2028 at the $200bn mark. Storonsky told Bloomberg TV in April that the blockbuster IPO was “two years away”.
“We’re a bank, and for a bank, it’s super important to have trust. Public companies are trusted more compared to private companies”.
Alan Chang, the boss of Fuse Energy who served as Storonsky’s “second-in-command” in Revolut’s early days, told City PM he believes any valuation on the road to a trillion was “just a stepping stone”.