Latest news with #NikStoronsky
Finextra
28-05-2025
- Business
- Finextra
Storonsky-founded fund Quantumlight raises $250m for AI-guided investments
QuantumLight, a quantitative venture capital firm founded by Revolut's Nik Storonsky has closd on a $250 million fund for backing founders across AI, Web3, Fintech, SaaS and Healthtech. 0 The $250 million Fund I, which closed at hard cap, is backed by a global group of top-tier LPs, including billionaire tech founders and prominent institutions. Since launching in 2022, all 17 of the company's deals to date have been recommended by its proprietary AI model. Speaking to Sifted, CEO Ilya Kondrashov, says: 'We just believe that machines are able to do it better. Not only do they have perfect memories, they are also not swayed by emotion, by fear of missing out on a certain hyped deal.' The Fund's proprietary AI model, Aleph, is purpose-built to identify outlier growth-stage companies. Says Storonsky: 'Our ambition is to build the world's best systematic venture capital and growth equity firm - and support the new generation of founders by sharing some of the operating principles that we developed at Revolut.' This includes the launch of playbooks for portfolio companies to learn from the success of Revolut in hiring top talent and driving high-performance companies. Says Kondrashov: 'Our goal is to make the invisible operating systems behind iconic companies like Revolut visible and replicable. Founders shouldn't have to reinvent the wheel when it comes to building high-performing teams. By sharing these tools and frameworks, we're helping scale-ups move faster from day one.'
Daily Mail
19-05-2025
- Business
- Daily Mail
Revolut snubs London as it announces New Paris HQ as part of a £840m investment in France
Revolut snubbed London as it announced a western Europe HQ in Paris as part of an £840million investment in France to create more than 200 jobs. The £35billion fintech firm said it was the biggest investment in the French financial sector in more than a decade. It will also apply for a French banking licence. France's economy minister Eric Lombard crowed that the Revolut investment 'further strengthens Paris's position as the leading financial hub in Europe'. And it comes after founder Nik Storonsky criticised Britain's 'extreme bureaucracy' as it seeks a UK bank licence. Revolut revealed the plans at a glitzy 'Choose France' summit hosted by president Emmanuel Macron at the Palace of Versailles to woo global investors put off in the past by its high taxes and red tape. But the UK-based firm made clear yesterday that London would remain its global headquarters. It said the French announcement 'does not impact our commitment to the UK market'. Revolut added that it 'will continue expanding operations, innovation and investment' in the UK. The choice of France for its western Europe HQ reflects the firm's EU base of 40million customers. Paris and other European financial centres have been vying to tempt global financial firms in the wake of Brexit –although a major exodus from the City has never materialised. Revolut said the French base will cover operations in Ireland, Germany, Portugal, Spain and Italy. A base in Lithuania, where it holds a banking licence, will serve other European markets. Founded in the UK in 2015, it has more than 55m customers – 11m in Britain. Last year, profits topped £1billion. Revolut started out providing payment and foreign exchange services before moving into areas such as crypto trading. Back in March 2023, it said it would get a UK bank licence 'imminently'. Last year, it secured a licence 'with restrictions' and it is in a 'mobilisation' stage during which it must meet conditions set by regulators before full authorisation. It is targeting the launch of full UK banking operations later this year.
Finextra
19-05-2025
- Business
- Finextra
Revolut to invest €1 billion in France and apply for banking licence
Revolut is to invest more than $1 billion to expand its operations in France over the next three years as it prepares to apply for a French banking licence. 0 Revolut says it will establish its new western European headquarters in Paris and create at least 200 new jobs in France during the investment period. France represents Revolut's largest market in the European Union, with approximately 5 million customers and around 300 existing employees. The company is targeting 10 million users by the end of 2026, with a goal of doubling that figure to 20 million by 2030. Revolut already holds a banking licence granted by Lithuanian regulators to passport its services across the EU. The firm reiterated that Vilnius will remain a key base for its European expansion, with growth plans and product development still anchored in its Baltic operations centre. But Revolut CEO Nik Storonsky has acknowledged that failing to push for regulatory oversight in key markets has been a strategic mistake. The company currently has 10 licence applications underway globally and recently obtained a Prepaid Payment Instruments licence from India's central bank.
The Independent
24-04-2025
- Business
- The Independent
Revolut reveals internal points system to help determine staff bonuses
Fintech firm Revolut is tracking the response behaviour of its employees using a points system which helps to determine staff bonuses. The system – known as Karma – allows employees to gain and lose points for work related to risk and compliance through a variety of actions which are monitored and tallied Rather than focusing on individual employees, Karma operates at a department level to ensure a collective responsibility towards managing risk. While bonuses are calculated individually, the Karma multiplier is applied after individual performances, dependent on their department's points - rather than Karma points themselves forming any part of the bonus calculations. The full amount of bonuses paid out was not revealed. A spokesperson from Revolut said: 'Our proprietary Karma system is focused on driving positive risk and compliance actions at Revolut. This industry-leading scheme, started in 2020, effectively measures and incentivises good risk practice. 'We have seen company-wide Karma performance related to key risk and compliance processes increase by 25 per cent since its inception, showing the success of linking these actions to remuneration, ultimately building a strong culture of risk management and compliance across the business.' The practice was detailed in Revolut's annual report, which showed a huge leap in profits to £1.1bn for 2024, a rise of 148 per cent attributed to increased subscriptions and improved revenues from wealth and cryptocurrency trading divisions. Previously the company has faced struggles with these areas, being named last year in more fraud complaints than any other UK competitor, according to Action Fraud. Earlier this year the fintech company was fined €3.5m (£2.9m) for failures in money-laundering prevention by Lithuania's central bank. In response, Revolut said the investigation had not identified any confirmed occasions when laundering took place, rather that it was related to control mechanisms. Revolut was valued at $45bn last year (£33.8bn) and is expected to pursue a public listing in due course after securing a full UK banking licence from regulators, which is intended to arrive later in 2025. Revolut gained a licence with restrictions in mid-2024, allowing it to improve IT systems and secure investments while also limiting the total deposits it was able to accept. Previously it operated holding a Lithuanian banking licence. Founder Nik Storonsky owns more than 25 per cent of the company, filings show, which has expanded from a payment card to offering trading and investments, international payments and other financial services.
The Independent
24-04-2025
- Business
- The Independent
Revolut profit tops £1bn as UK bank to launch this year
Revolut has revealed its annual profits have topped £1 billion, as the fast-growing fintech cashed in on demand for cryptocurrency trading and attracted more paying subscribers. The company, which has become Europe's most valuable start-up, is preparing to launch its UK bank this year. It reported a pre-tax profit of 1.4 billion US dollars (£1.1 billion) for 2024, more than double the 438 million US dollars (£329 million) made in 2023. This was driven by revenues within its wealth division which quadrupled year-on-year, thanks to increased crypto trading activity and the launch of Revolut's own crypto exchange, it said. The price of Bitcoin hit an all-time high in late 2024, topping 100,000 dollars (£75,100) before falling in recent months. The group's subscriptions revenue also soared 74% to £423 million as more customers took advantage of the money app's paid plans. Revolut's most expensive Ultra plan costs £45 a month for perks including cashback, insurance, higher savings rates, and travel benefits such as access to airport lounges. Customer balances also surged by two thirds to 38 billion US dollars (£28.6 billion) in 2024. Revolut secured a banking licence in the UK last year, but it has been working to build and test the systems that will allow it to operate as a bank later in 2025. A licence means the company will be able to hold customer deposits, and offer lending products such as credit cards, personal loans, or mortgages. Until then, it is classified as an electronic money institution – and all customer money is deposited into accounts at a range of large, licensed banks. The business has some 52.5 million customers around the world and has been valued at 45 billion US dollars (£33.8 billion), but waited three years to secure approval from regulators to operate as a bank in the UK. It set up its global headquarters in London's Canary Wharf and has expanded aggressively in recent years. Nik Storonsky, Revolut's chief executive, said 2024 was a 'landmark year', but that the group was 'just getting started'. 'We're making strong progress towards 100 million daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets,' he said.
