Latest news with #NikStoronsky
Finextra
3 days ago
- Business
- Finextra
London fintech for immigrant communities Aspora raises $53 million
London fintech Aspora has raised $53 million in Series B funding, furthering its mission to build a financial ecosystem tailored to the unique needs of diaspora communities. 1 Like 0 Formerly known as Vance, the new capital injection was co-led by Sequoia and Greylock, with Nik Storonsky's Quantum Light Ventures also contributing to the round. The latest raise marks the culmination of three rounds of funding over the past six months to the tune of $93 million: In a blog post announcing the funding, the firm says that over 250,000 non-resident Indians now send money with Aspora: "We have processed over $2B in volume—a five-fold increase from the $400M we were handling just six months ago. Most importantly, our users have saved over $15M in fees that would have otherwise gone to traditional remittance providers. From its headquarters in London and offices in Dubai and Bengaluru, the firm is currently serving users across the UK, UAE and EU, with plans to launch in the United States this July followed by Canada, Australia and Singapore before the end of the year. Aspora is also expanding beyond remittances to build a suite of new products to help users bank seamlessly across multiple countries, invest in diverse asset classes, and access credit and insurance services across borders. Parth Garg, founder and CEO, says: 'The latest fundraise allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities. We're just getting started—our users deserve modern financial infrastructure that works across borders.'
Forbes
3 days ago
- Business
- Forbes
Revolut Billionaire Nik Storonsky Has A New Luxury Travel Company
Nik Storonsky, Founder & CEO of Revolut, at Web Summit Rio 2023. Sportsfile via Getty Images Revolut's billionaire cofounder Nik Storonsky's family office has been quietly building a network of high-end vacation properties around the world as part of plans for a new luxury travel business. The project, named 'Utopia Design,' is building luxury properties in Spain, Brazil and the Dominican Republic backed by Storonsky's family office, according to sources close to the project, corporate filings and online job listings reviewed by Forbes. Utopia was set up in 2023 without any fanfare and describes itself as an 'cutting-edge architectural firm' and a real estate developer with the pitch to create ' unique experiences in unique locations' in its LinkedIn profile and job adverts. 'Utopia designs and builds villas that blend innovative architecture with stunning natural settings, offering unparalleled luxury and exclusivity for those seeking extraordinary living experiences,' said the company in one job listing. The properties are largely 'high-end luxury villas' in Cabarete in the Dominican Republic, Jericoacoara, Brazil, and the Pedralbes, the most expensive neighborhood in Barcelona, Spain, according to adverts for on-site construction managers. The only connection between the locations seems to be that they are all close to popular spots for kite surfing, about which Storonosky has said he is passionate. The parent company that owns Utopia's operations in the U.K. and Brazil is a British Virgin Islands-registered company named Kiteway. The Utopia website features only a 'coming soon' banner and a link to its dozens of open roles. Outside of the job listings the company has given no hints about its projects beyond sharing illustrations of architectural designs for a series of large villas, and renders for swimming pools, cabanas and an outdoor gym. Utopia has been hiring for a wide range of roles over the last two years that include architects, designers, engineers, construction managers and staff with experience managing luxury hotels and restaurants. The company has also hired a number of people with experience in CGI and 3D art visualizations. Nowhere does Utopia make any mention of its ties to its wealthy owner, but the same recruiters posted roles for both Utopia and Storonsky's family office, and Utopia's LinkedIn page lists its address as the same central London property where Storonsky's family office, and his new $250 million venture capital fund QuantumLight, are registered. The directors of Utopia HQ Limited were named in British corporate filings as Revolut and QuantumLight executive Ezio Mantegazza and a former Zahid Hadid architect Nicos Yiatros, who listed himself on Linkedin as the former design director for Utopia. Mantegazza and Yiatros are no longer directors of the company. Revolut declined to comment. Trademarks filed by Utopia HQ Limited with the U.K.'s Intellectual Property Office hint that Utopia isn't just a holding company for a tech billionaire's vacation property portfolio. The trademark reserves the name Utopia in the field of hotel, concierge services and software relating to guest management. Utopia was also involved in the rebuilding of Storonsky's West London mansion, according to sources involved in the project. The tech billionaire bought the property for $25 million with the help of a loan from Credit Suisse in 2019, according to British property records. The property was built in 2012 in the style of a 19th century stucco-fronted mansion but the tech billionaire has submitted a string of remodelling applications since 2019. Online filings show that Storonsky filed for permission to build an extension on the 9,000 square foot property and excavate a basement to house a gym, sauna, underground swimming pool and a panic room. Former Lehman Brothers trader Storonsky cofounded Revolut in 2015 with software engineer Vlad Yatsenko. The London-based fintech started out offering pre-paid travel money cards but quickly expanded to offer a range of services like a crypto brokerage and now has a banking license in the United Kingdom and Europe. The company has continued to expand its operations well beyond the scope of most rival fintechs and now operates in 38 countries including the United States, Mexico, and Japan, offering Robinhood-style stock trading, savings accounts, business banking, wire transfers and even sim cards. Revolut earlier this month began hiring staff with wealth management experience for a previously reported push into competing with private banks. The company is also hiring for an investor to manage access to venture funds, private equity and hedge funds for its wealthy new clients. Revolut was last valued at $45 billion in a secondary share sale in August 2024 and reported in April that it generated $1 billion net profit on revenues of $4 billion last year. Storonsky was reported to have sold shares worth over $400 million in secondary shares. Forbes estimates his net worth at $7.9 billion.
CNBC
10-06-2025
- Business
- CNBC
11. Revolut
Founders: Nik Storonsky (CEO), Vlad YatsenkoLaunched: 2015Headquarters: LondonFunding: $1.7 billionValuation: $45 billionKey Technologies: N/AIndustry: FintechPrevious appearances on Disruptor 50 list: 0 With over 50 million users across more than 48 countries, Revolut has rapidly become one of the most prominent players in digital banking and one of the most successful fintech startups globally. Revolut's platform offers a broad range of services including multi-currency accounts, debit cards, stock and crypto trading, and savings accounts. Positioning itself as an "all-in-one finance app," its subscription model spans from a free tier to high-end option that bundles features such as travel perks and higher interest rates. Revolut operated without a full banking license in its home country the U.K. for nearly a decade. While it was designated as a licensed electronic money institution (EMI), it could not legally lend money through products like credit cards, personal loans or mortgages. It finally obtained its license in July 2024 after years of regulatory delays and internal issues, and now has plans to enter into new markets and product categories, including mortgages and business loans."As you can imagine, at this scale, it's a thorough process, and we just pay a lot of attention to it," Revolut's chief financial officer Victor Stinga told CNBC in April. "We work very closely on a close contact with the PRA [Prudential Regulation Authority] and the FCA [Financial Conduct Authority] on it. We feel like we're making great progress on it." The company launched Revolut X last year, a crypto trading platform that is now available in 30 countries in the European Economic Area. And the U.K. granted Revolut a license to allow trading of U.K. and E.U.-listed stocks and exchange-traded funds last November. In August 2024, Revolut announced a partnership with Visa, allowing Revolut Business customers to send funds globally via the Visa Direct system. Revolut also has recently received or is actively pursuing banking licenses in other international markets, opening new branches in Germany, Romania, and Switzerland in 2024, and announcing expansion plans in Mexico, Australia and Colombia. Being Europe's most valuable fintech has also drawn the attention of scammers. Many Revolut customers have been targeted by authorized push payment (APP) scams. These scams involve criminals tricking their victims into transferring money to fraudulent individuals or businesses. The rise in APP crime has led U.K. lawmakers to require banks and fintech companies to compensate victims up to £85,000 (or about $113,500). Revolut has pushed back, saying other parties including social platforms like Meta should also be responsible for some of the fees. Despite these setbacks, Revolut remains financially strong. Unlike many of its fintech peers, it has achieved profitability. Its net profit for 2024 totaled £1.1 billion ($1.5 billion), accounting for an increase of 149 percent year over year, giving it a clear edge as it eyes future expansion and a potential IPO.
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.
