Nikolay Storonsky, the founder and CEO of Revolut, stands to reap a multibillion-dollar windfall if he can propel the fintech giant’s valuation to $150 billion, more than tripling its current $45 billion mark.
According to reports from the Financial Times, Storonsky has secured an incentive package reminiscent of Elon Musk’s controversial Tesla compensation plan, potentially granting him additional shares equivalent to a 10% stake in Revolut if key valuation milestones are met.
With the company’s profits soaring, a UK banking license in hand, and a customer base exceeding 50 million, Storonsky’s ambitious vision is gaining traction — but echoes of shareholder backlash against Musk’s deal raise questions about the road ahead.
A Musk-Style Incentive Plan
Storonsky’s compensation package, structured before Revolut’s 2021 $800 million funding round led by SoftBank and Tiger Global, is designed to reward exponential growth. If Revolut achieves a $150 billion valuation — surpassing traditional UK banks like Barclays and NatWest—the deal would incrementally award Storonsky additional shares, potentially equating to a 10% stake in the company.
Currently, he already holds over 25% of Revolut following a reorganization of its ownership structure in April 2024, with his existing stake valued at approximately $8 billion based on the company’s $45 billion valuation from an August 2024 secondary share sale. This positions Storonsky, a former Lehman Brothers trader, among Europe’s wealthiest entrepreneurs, with Forbes estimating his net worth at $7.9 billion.
The Musk-inspired deal, which mirrors the Tesla CEO’s 2018 performance-based package of 12 stock option tranches tied to financial targets, is a high-stakes bet on Revolut’s future. If successful, it could deliver Storonsky a payout worth tens of billions, but it also carries risks. Musk’s $56 billion compensation plan faced significant opposition from Tesla shareholders, including Norway’s sovereign wealth fund and California’s state teachers’ retirement system, culminating in legal challenges over claims of misleading the board. Revolut’s investors, including early backers like Index Ventures and Balderton Capital, may similarly scrutinize Storonsky’s deal if it leads to outsized rewards, especially as the company eyes a potential IPO.
Revolut’s Meteoric Rise
Revolut’s growth under Storonsky’s leadership has been nothing short of remarkable. Founded in 2015 as a prepaid card service focused on fee-free currency exchange, the London-based fintech now employs over 10,000 staff, serves 52.5 million customers across 48 countries, and offers more than 50 products, including crypto trading, stock trading, buy-now-pay-later credit, and e-SIMs. Its 2024 annual report revealed a staggering 148% profit surge to £1 billion ($1.4 billion) on revenues of $4 billion, driven by subscription growth and booming wealth and crypto trading divisions. The company’s customer base grew 38% to 52.5 million, outpacing rivals like Monzo and N26.
A pivotal milestone came in July 2024, when Revolut secured a UK banking license after a three-year regulatory process, enabling it to hold customer deposits and offer complex lending products. This license, granted with restrictions under the UK’s “mobilization” stage, strengthens Revolut’s position as it seeks similar approvals in the US and other markets. The company’s $45 billion valuation, achieved in a 2024 secondary share sale, already makes it Europe’s most valuable private tech company, surpassing NatWest’s £27.5 billion market cap. Storonsky’s recent sale of $200-$300 million in shares during this transaction further underscores his ability to capitalize on Revolut’s success.
Challenges and Controversies
Despite its achievements, Revolut faces hurdles that could complicate Storonsky’s path to a $150 billion valuation. The company has faced criticism for lax security controls, with a 2024 report naming Revolut in more UK fraud complaints than any major bank, prompting some customers to seek recourse through the financial ombudsman.
Regulatory delays, including past issues with auditing and a $20 million loss to criminal groups in 2021-2022 due to a US payment system flaw, have also drawn scrutiny. Storonsky’s public frustration with UK regulators, whom he called “extremely bureaucratic,” and his dismissal of a London IPO in favor of Nasdaq’s “more liquid” market have sparked debate among UK policymakers eager for a homegrown listing.
The Musk-style compensation package itself may invite pushback. While it incentivizes Storonsky to drive unprecedented growth, the scale of the potential payout could alienate investors, particularly if Revolut’s valuation growth outpaces its profitability. Musk’s Tesla deal, initially celebrated, faced legal challenges and shareholder unrest, suggesting Storonsky’s package could meet similar resistance if perceived as disproportionate. Additionally, Revolut’s reliance on crypto trading revenue, which quadrupled in 2024, exposes it to volatile market swings, adding risk to its lofty valuation targets.
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A Visionary’s Bet on the Future
Storonsky’s journey from a Moscow-born physicist and champion swimmer to fintech titan reflects his relentless ambition. His vision for Revolut as a “global financial superapp” draws parallels to WeChat, aiming to consolidate banking, trading, and lifestyle services into one platform. Recent moves, like launching Revolut X for crypto trading and hiring wealth management experts to compete with private banks, signal further expansion. Storonsky’s side venture, QuantumLight, a $200 million AI-driven venture capital fund, and his Utopia Design luxury travel business, highlight his broader entrepreneurial scope.
Whether Storonsky can achieve a $150 billion valuation remains uncertain, but Revolut’s trajectory — 50 million users, a UK banking license, and £1 billion in profits — suggests it’s within reach. However, as Musk’s experience shows, massive rewards can spark controversy. For now, Storonsky’s focus is clear: make Revolut bigger, better, and a true rival to global banks. Whether investors and regulators align with his vision will determine if his multibillion-dollar payday becomes reality — or a cautionary tale.
