Revolut has proposed increasing the amount chief executive Nik Storonsky can borrow against his stake in the fintech fivefold to $250 million (€215 million) in a move that would allow the billionaire to access more cash as the group’s valuation soars.
Europe’s most valuable start-up wrote to investors last week seeking approval for the increase, while also proposing to remove a requirement for board approval for larger share pledges, according to documents reviewed by the FT.
The proposed changes come as Revolut’s surging valuation has transformed Storonsky’s personal fortune, making him one of the UK’s richest people, though the vast majority of his wealth is tied up in his shares in the fintech.
Under Revolut’s governing documents, employees owning more than 20 per cent of its ordinary shares – a threshold met only by Storonsky – can pledge up to 10 per cent of their holdings as security for borrowing from another lender without board approval.
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They can pledge a further 5 per cent with the backing of a majority of directors. The current articles limit Storonsky’s borrowing against his shares to $50 million.
The new proposed articles of association, drawn up as part of an exercise code-named “Project Shasta”, would raise that cap to $250 million and remove the limits on the proportion of shares that can be pledged, giving Storonsky greater freedom to unlock the value of his stake without reducing his holding.
The changes would also expand the classes of shares that can be used as collateral.
Revolut was founded in London in 2015, and its valuation has soared as the fintech has rapidly expanded internationally, amassing 75 million customers. Its pre-tax profits last year rose by more than half to £1.7 billion on revenues of £4.5 billion.
According to a person familiar with the matter, Storonsky owns about 29 per cent of the group, which was valued at $115 billion in an employee secondary share sale launched last month.
Revolut has previously signalled it is aiming to be worth $200 billion at a potential public listing, which executives have said would not take place before 2028.
Storonsky has said his incentive package could increase his stake to about 40 per cent if Revolut reaches a $200 billion valuation. At that level, his holding would be worth about $80 billion, putting him among the world’s richest people.
He is now in discussions over a new pay deal that would further increase his ownership if Revolut reaches a valuation of about $500 billion.
A legal case over Storonsky’s purchase of a €350 million superyacht has highlighted how his stake in Revolut has catapulted him into the ranks of the world’s super-rich and afforded him the trappings of a billionaire lifestyle.
One person familiar with the proposed changes said “the previous [borrowing] threshold was set years ago when Revolut was a fraction of its current size”, and that a $250 million cap represented “an exceptionally low borrowing limit” on Storonsky’s equity stake.
The person added that the proposed articles “do not reflect any borrowing that has taken place or any intention to borrow”.
Storonsky could still exceed the new $250 million borrowing cap if approved by the company’s board and 75 per cent of shareholders, the person said.
Revolut said it routinely updates its articles of association to ensure its “corporate governance and administrative provisions reflect the current scale and valuation of the business”.
“The current update covers a range of technical and administrative provisions. Among them, the share pledge limit would be brought up to date, replacing an outdated threshold with a defined cap, and any borrowing under it remains subject to applicable regulatory requirements,” it said. – Copyright The Financial Times Limited 2026
