Revolut CEO Nikolay Storonsky is planning to sell a portion of his shares in a share sale worth $500 million. This move is aimed at adjusting his investment in the fintech giant. According to a report by Sky News on July 8, Storonsky intends to offload a portion of his stake in a secondary deal, with the exact size of his stake yet to be specified. The number of shares sold will depend on the valuation that Revolut receives from new investors and the allocation decisions made by the company and its advisors, Morgan Stanley. The company is targeting a $40 billion valuation for the share sale, and it has engaged Morgan Stanley to manage the sale. Revolut achieved a valuation of $33 billion in its 2021 primary funding round. Recently, the company reported record earnings of $561 million for the previous year, with revenues nearly doubling to $2.3 billion.
In addition to this development, Revolut has also launched a new crypto trading platform called Revolut X. This platform is specifically designed for UK retail customers and aims to compete with leading crypto exchanges by offering over 100 token trades with low fees. Revolut X is accessible on desktop for all UK users with a Revolut retail account. Initially targeted at professional traders, the platform provides easy on/off-ramping for cryptocurrencies and low transaction fees. It currently supports assets like Bitcoin, Ethereum, and XRP, with plans to expand its offerings in the future. UK retail account holders can access the platform using their existing credentials. The introduction of Revolut X is part of Revolut’s efforts to enhance its crypto services, which also include Revolut Ramp and temporary suspension of crypto trading for UK business clients due to regulatory changes.