Revolut is reportedly seeking investor approval to raise the borrowing limit for its chief executive and co-founder, Nik Storonsky, against his stake in the company. The proposed change, dubbed "Project Shasta," would increase the cap from the current $50 million to $250 million. This fivefold increase aims to provide Storonsky with greater liquidity without requiring him to sell his shares in the rapidly growing fintech.
The move comes as Revolut's valuation has seen a significant surge, reportedly reaching $115 billion in July, a substantial increase from $75 billion in November. Storonsky, who owns approximately 29 percent of Revolut, has the majority of his wealth tied up in these holdings. The current borrowing provisions allow employees with over 20 percent ownership to pledge up to 10 percent of their holdings as collateral without board approval, and an additional 5 percent with majority board backing.
According to documents reviewed, the proposed new articles would also remove existing limits on the proportion of shares that can be pledged and expand the classes of shares eligible for collateral. A person familiar with the proposed changes indicated that the previous $50 million threshold was established years ago when Revolut was a much smaller entity, and $250 million is still considered an "exceptionally low borrowing limit" given the current value of Storonsky's equity. This person also clarified that the proposed articles do not imply any immediate borrowing plans.
The company has experienced rapid expansion this year, launching full banking services in multiple countries, including Australia, France, Peru, and the UK, following a record £1.7 billion profit reported in 2025.
