8.6 C
New York
Thursday, October 6, 2022
Home Challanger banks Nik Storonsky has opened family office in London

Nik Storonsky has opened family office in London

According to Sifted, CEO of Revolut Nik Storonsky has decided to open a family office in London, UK.

This way he plans to invest his $7bn worth of personal wealth, filings show.

Read also: Curve reported serious operating losses

Revolut, which offers banking and trading services through an app, is now valued at $33 billion, a sixfold increase on the $5.5 billion the company was worth last year.

Nik Storonsky has said Elon Musk’s perfect combination of “rationality and craziness” makes the Tesla boss his leadership hero.

Revolut’s adjusted revenue was 261 million pounds ($359 million) last year as the company made an operating loss of 201 million pounds.

The new fund raises the possibility that Storonsky could begin investing part of his estimated $7bn wealth into tech startups, having already backed the likes of Sweden’s Tink.

Storonsky studied for a physics masters degree at the Moscow Institute of Physics and Technology and has a masters in economics at the New Economic School in Moscow.

It remains unclear what Storonsky is looking to use his family office for, or what he will focus his investments in. The only people named in the filing are himself and Tommaso Pace, Revolut’s general counsel.

Two sources close to Storonsky say it makes sense that he would use a family office to “professionalize” his angel portfolio, Sifted claims.

If Storonsky does start angel investing more aggressively, it could see him pouring millions of his personal wealth back into the tech ecosystem.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Monzo gives its lowest-paid employees £1,000 cost of living payment

Digital bank Monzo is giving staff who earn less than £40,000 per year a one-off payment of £1,000 to help them cope with the cost of living.

N26 incorporates Bizum for its customers in Spain

The N26, a German digital bank, now also integrates Bizum among its payment methods, as for example, Orange Bank did in January 2021.

Klarna is set to make second round of job cuts

Swedish BNPL company Klarna Bank AB announced it will slash jobs once again after losing $39 billion of its valuation.

Revolut has become the most searched online bank in Europe

Revolut has become the winner in a study by CMC Markets that has analysed the most heavily searched European online banks and fintechs.