Revolut, the fintech giant, is considering a significant change that would allow its billionaire co-founder and CEO, Nik Storonsky, to borrow up to $250 million against his substantial stake in the company. This proposed cap represents a fivefold increase from the current $50 million limit. The company is seeking investor approval for this adjustment, which also includes removing the requirement for board approval on larger share pledges.
The move, internally codenamed "Project Shasta," aims to provide Storonsky with more liquidity without forcing him to sell his shares. His wealth is largely tied up in his 29% ownership of Revolut, a stake that has become considerably more valuable following the company's soaring valuation. Revolut was recently valued at $115 billion in an employee secondary share sale, up from $75 billion in November.
Currently, Revolut's governing documents allow employees owning over 20% of ordinary shares (which only applies to Storonsky) to pledge up to 10% of their holdings as collateral for loans without board approval. An additional 5% can be pledged with majority board backing. The new articles would raise the borrowing cap to $250 million and remove existing limits on the proportion of shares that can be pledged, while also expanding the classes of shares eligible for collateral.
Sources close to the matter indicate that the previous borrowing threshold was set years ago when Revolut was a fraction of its current size, making the $250 million limit an "exceptionally low borrowing limit" relative to Storonsky's equity. They emphasize that the proposed changes do not reflect any borrowing that has already taken place or any intention to borrow. Revolut clarified that these updates are part of regular revisions to ensure corporate governance aligns with the company's current scale.
Revolut has experienced rapid growth, launching full banking services in several countries and posting a record £1.7 billion ($2.3 billion) profit in 2025. Storonsky's stake could potentially increase to approximately 40% if Revolut reaches a $200 billion valuation, and he is reportedly negotiating an agreement for an even larger stake if the valuation hits $500 billion.
