UK news site Sky News is reporting that neobank Revolut’s founder Nik Storonsky has sold more than £330 million (USD $400 million) of shares in the company. He continues to hold about $8 billion worth of Revolut stock, based on Revolut’s $45 billion valuation achieved in a fundraising mid last year.

The report states that Nik Storonsky sold the Revolut shares alongside several thousand Revolut employees, as the company extended a deal to allow existing investors to offload part of their holdings in the privately held company.

The shares were sold to a group of large private equity and tech investors including Abu Dhabi’s sovereign wealth fund Mubadala, Coatue and D1 Capital Partners.

We had recently reported that Revolut was branching out from its savings and payments roots, with plans to enter EU CFDs trading business with Revolut Invest. The company also recently received approval from UK financial regulator The Financial Conduct Authority (FCA) as an investment firm, which will permit it to expand its services from banking and payment services to include stock and possibly CFDs trading in the UK market.

London based Revolut is one of the world’s largest neobanks, boasting 45 million customers and $23 billion in client balances (as of June 2024), while operating in 38 countries. The company brought in Revenues of $2.2 billion in 2023, earning Net Profit of $428 million. Revolut is the most downloaded app in the Finance category in Europe, ranking first in 17 countries. Revolut is run by founder and CEO Nik Storonsky.