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For the first time since Revolut became Britain’s most important fintech, Nikolay Storonsky was disappointed.
Income last year raised the value of his company ahead of its British counterparts to $ 5.5bn, but the boss “really wants to earn $ 10bn or more”, according to one co-worker at the conference. “In a way, his ideas were ‘already cheap’… He has a good idea.”
This week, the digital bank Storonsky which was established six years ago has once again made a comeback. The $ 800m fundraiser gave Revolut counting $ 33bn, and manufacturing the largest secret company in British history, and one of the largest in the world.
Revolut was hailed by senior officials – including Rishi Sunak, a fraudulent UK chancellor – as “British fintech’s good news”, though Storonsky himself has never been to the occasion.
When the company’s chief financial officer, Mikko Salovaara, announced the fundraising campaign on Thursday morning, his boss had already gone on a vacant vacation – kitesurfing in Rhodes.
“No matter how difficult it is, it’s his way of coping with stress,” says Martin Mignot, a former Revolut salesman with Index Ventures. “He’s totally incapable… I don’t think he doubted he would win.”
The tour talks about the needs of a 36-year-old banker, known for his hard work and hard work and love to use Revolut products, but little interest in showcasing and selling some of the top-notch retailers.
“I’ve never agreed with the CEO’s role as a salesman, or a visionary person,” Storonsky told the Financial Times. “You have to have a vision that we all want to achieve. . .[but]every manager needs to know the details. Otherwise, they will not change the way the company operates, they will not be able to distinguish right from wrong. ”
A former businessman who studied physics and was a university swimmer, Storonsky founded Revolut and technical director, Vlad Yatsenko, in 2015. It established in London as a prepaid card that offers low-cost foreign currency for those who travel frequently, but has since grown to more than 30 countries, with operations ranging from commodity to commercial banking.
Its long-term goal is to create a “superapp” that can deliver all the money a customer may need in one place. That idea reflected the thinking of Storonsky’s “opponent”, says Mignot, at a time when some fintechs were very popular.
“People in Britain are very cautious,” said Storonsky. “People do not set big goals. They tend to set small goals and chances for success. But in order to be truly great, you have to work hard to achieve big goals, which seem impossible.”
His drive has been instrumental in attracting women – he said the most recent fundraiser was completed in less than three weeks – earning Revolut $ 33bn accounting.
Revolut has developed as a prepaid card that offers low-cost foreign currency for travelers, but has now grown to more than 30 countries, © Charlie Bibby / FT
A former employee said: “Does Revolut’s current work deserve a lot? Hell. But they make so many new things so fast… I bet Storonsky is a monster who made these machines that have taken over Europe or the world.”
Storonsky said the company attracted the enemy because it “surpassed everyone else”. However, promoters see high-level and efficient driving being seen by others as a cruel way of promoting a boring work ethic, especially in the early days of Revolut.
John Doran, a co-founder of TCV, who was a leader in Revolut’s fundraising for 2020, said: “Nik is a visionary with a very positive and ambitious personality. Her management system is probably not everyone’s favorite, but it is driven by data, innovation and always upright ”.
He added that “Nik has grown a lot as a leader in the years we’ve known each other”.
Storonsky has formed an unexpected team with Martin Gilbert, founder of Aberdeen Asset Management and the Revolut chair, whose history is in opposition to the polarity of Storonsky’s – Gilbert is a well-known City fan known for throwing alcohol-filled parties at the World Economic Forum in Davos.
Storonsky said he appreciated the advice from a decades-old founder and founder of a large financial company, in contrast to many “professionals” who sell technical companies that do not have enough knowledge of construction companies. For his part, Gilbert said “people do not understand [Storonsky] very strange ”.
“She is very happy. . .[and]is a good listener, which most people don’t see. There is nothing wrong with saying a lot – they have the ability to just answer a question, not keep quiet. People make this mistake because of other circumstances. ”
Storonsky’s cold history, in the opinion of some financiers and workers, has grown as a result of apartheid – a British citizen, but he was born in Russia and his father worked for the state-owned company Gazprom.
His Russian ambitions brought chaos to Lithuania, where Revolut angered some politicians after receiving his first banking license in 2018.
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The company also clarified whether its size could be critical staff follow-up, resulting in significant funding for systems development and recruitment to certify regulators and assist in obtaining new licenses.
Earning money this week is pushing Revolut’s nostrils ahead of NatWest, one of the UK’s largest banks with $ 453bn in customer service at Revolut’s £ 4.6bn. The comparison led several investors to describe the funds as “crazy”, but Storonsky said he was pleased that traditional banks were still suspicious of the company.
“It makes our way easier if people and banks don’t care about us, we can hide and steal and move fast. Hopefully one day he will wake up and have no business. ”
Additional reports by Tim Bradshaw
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