Nikolay Storonsky, CEO of British fintech business Revolut, will sell a portion of his multibillion-dollar investment in the company for $500 million, sources said on Sunday. Last month, the Financial Times reported that the digital finance app is negotiating with bankers on a share sale, including employee shares, which could be valued at over $40 billion.

The magnitude of Storonsky’s interest in the company is unclear, according to the report, and the scale of any selling would be determined by the valuation that Revolut can obtain from new investors as well as the company’s final allocation decisions. When the sources contacted Revolut, it declined to comment.

The company’s interim CFO, Victor Stinga, declined to comment on an IPO schedule earlier this month, while indicating an intention to list publicly. Revolut reported a record pretax profit of 438 million pounds ($553.8 million) in 2023, driven by significant user growth and interest-related income. The company aims to be Europe’s most valuable startup.

Britain’s fintech industry has suffered a funding crisis in recent years, as investors have grown wary of sky-high pandemic-era valuations and pressed companies to become profitable. Revolut sought for a UK banking license three years ago but is still awaiting clearance. Revolut has displayed a fine business performance in the recent period thereby increasing the industry expectations in the coming period. The company has developed a decent reputation in the fintech industry raising the bar through its quality and customer service.

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