# Lehman Brothers trader to fintech billionaire: Revolut’s Nikolay Storonsky Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-07-21 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Revolut's $33 Billion Valuation Makes Cofounder a Meta Description: Find out how Revolut's funding round turned its co-founder into a billionaire several times over. Explore the story behind the digital-only banking URL: https://financedigest.com/lehman-brothers-trader-to-fintech-billionaire-revoluts-nikolay-storonskyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-07-15t121729z1lynxmpeh6e0n9rtroptp4revolut-fundraising-ceo-1736838156319-compressed.jpg) LONDON (Reuters) – British-based banking app Revolut’s latest $33 billion valuation, achieved after a fresh funding round, has likely made its cofounder and Chief Executive Nik Storonsky a billionaire several times over. Russia-born Storonsky, who began his career as a derivatives trader at Lehman Brothers before moving to Credit Suisse two years later in 2008, was already one of Europe’s wealthiest executives on paper thanks to Revolut’s rapid growth. The 36 year-old lost around half a million pounds ($694,450) when his then-employer Lehman collapsed during the financial crisis, he told the Financial Times in an interview in 2018, an incident which he said taught him to “back up decision making with data and logic”. Storonsky left the [banking industry in 2013 to found Revolut, one of the first in a wave of digital-only banking apps seeking](https://www.financedigest.com/britain-seeks-to-boost-banking-services-from-fintechs.html "Britain seeks to boost banking services from fintechs") to undercut mainstream lenders with products such as fee-free foreign exchange for holidaymakers. It broke from the pack with an early foray into offering cryptocurrencies, scooping up [millions of customers](https://www.financedigest.com/crypto-broker-genesis-owes-geminis-customers-900-million-ft.html "Crypto broker Genesis owes Gemini’s customers 0 million – FT") in the process. The fact that [Revolut’s valuation has risen 6x in a year where they also reported increased losses will add fuel to the fire that fintech](https://www.financedigest.com/the-fintech-revolution-trends-to-watch-in-2016.html "The Fintech Revolution: Trends to Watch in 2016") valuations have become overblown,” said Adam Davis, director of client services at fintech consultancy 11:FS. Revolut’s [growth was fuelled](https://www.financedigest.com/the-trend-is-your-friend-fuelling-future-growth-with-time-aware-crm-data.html "The trend is your friend – fuelling future growth with time-aware CRM data") by a hard-charging culture seemingly instilled by Storonsky himself. He has dismissed the value of work-life [balance in media interviews and said he typically works](https://www.financedigest.com/homehunters-balance-life-and-work-at-carriage-court.html "Homehunters balance life and work at Carriage Court") from 8 in the morning until 10 at night. Storonsky has mounted a robust defence of Revolut in the past when it has faced questions over its risk controls, tough [workplace culture](https://www.financedigest.com/promoting-a-learning-culture-in-the-workplace.html "Promoting a learning culture in the workplace"), and freezing of some customer accounts. We are a different company than we were two to three years ago, we’ve [learned](https://www.financedigest.com/learning-the-lessons-of-the-bangladesh-bank-heist.html "LEARNING THE LESSONS OF THE BANGLADESH BANK HEIST") lessons,” he told Reuters when asked about the problems in a 2019 interview. He has also moved to bolster the company’s credentials by hiring big names from mainstream finance, bringing in [former Standard Life Aberdeen co-Chief Executive Martin Gilbert as chairman in November 2019 and former Goldman Sachs banker Michael Sherwood in March last year](https://www.financedigest.com/death-of-former-pope-benedict-overshadows-new-year-at-vatican.html "Death of former Pope Benedict overshadows New Year at Vatican"). Married with two children, he studied physics at Moscow’s [Institute of Physics and Technology](https://www.financedigest.com/top-5-security-technologies-that-every-finance-institution-workplace-should-consider.html "Top 5 Security Technologies That Every Finance Institution Workplace Should Consider"), and is a keen kite surfer, mountaineer and championship swimmer, according to the company’s website. Storonsky runs Revolut with co-founder Vladyslav Yatsenko, a software developer who worked at UBS and [Deutsche Bank](https://www.financedigest.com/citigroup-to-buy-deutsche-bank-license-in-mexico-for-wholesale-unit.html "Citigroup to buy Deutsche Bank license in Mexico for wholesale unit"). ($1 = 0.7229 pounds) [(Reporting By Lawrence White](https://www.financedigest.com/white-bullet-releases-ad-funded-piracy-report-for-world-intellectual-property-organisation-wipo.html "White Bullet releases Ad Funded Piracy Report for World Intellectual Property Organisation (WIPO)"), Anna Irrera and Iain Withers; Editing by Kirsten Donovan) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---