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Revolut\u2019s cofounder and CEO Nik Storonsky is preparing to turn part of his multibillion-dollar paper wealth into cold hard cash as part of the U.K. fintech\u2019s upcoming secondary share sale.<\/p>\n
According to the Financial Times<\/em><\/a>, the banking app is working on a $500 million share sale that will see existing shareholders, including employees, realize some of their gains at an expected valuation of over $40 billion.<\/p>\n That price tag would make Revolut by far Europe\u2019s most valuable private company, although the final size of the sale and valuation are still in flux.<\/p>\n Storonsky is reportedly planning to cash in tens or hundreds of millions of dollars, according to Sky News<\/em><\/a>, with other board members also considering taking part.<\/p>\n This secondary sale will be closely monitored as Revolut has become the crown jewel of the U.K.\u2019s fintech sector, and the decision of a CEO and board members to sell down their stakes can be controversial.<\/p>\n Also contentious is the fact that the round is limited to current Revolut employees only, with former employees restricted from selling down their stakes.<\/p>\n Just last week, Revolut revealed that it had finally swung into profit<\/a>, generating \u00a3438 million ($553 million) in revenues that doubled to \u00a31.8 billion ($2.27 billion).<\/p>\n Storonsky said the company\u2019s \u201cexceptional financial performance\u201d had been driven by a 46% jump in customers, bringing the company\u2019s total to 38 million customers across the now 38 countries in which it operates.<\/p>\n Revolut\u2019s last secondary share sale was in 2021, when current employees were allowed to sell up to 20% of their stakes. In total, over $100m was sold.<\/p>\n The company is still working on securing a U.K. banking license despite repeatedly claiming over the last four years that it would become an official bank \u201cany day now.\u201d<\/p>\n Without a banking license, Revolut can\u2019t harness its U.K. customer deposits to offer complex lending products, nor can it boast of having the same customer deposit protections as official banks.<\/p>\n Representatives at Revolut didn\u2019t immediately return Fortune\u2019s<\/em> request for comment.<\/p>\n<\/div>\nSubscribe to the Fortune Next to Lead newsletter to get weekly strategies on how to make it to the corner office. Sign up for free<\/a>.<\/div>\n<\/div>\n