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Investment banker Nikolay Storonsky made a $6.7 billion stake or fortune with a Revolut Ltd app. According to Bloomberg Billionaires Index, the app, which would provide financial services to users, had raised about $800 billion from investors last week. Major investors in the service app include SoftBank Group Corp. and Chase Coleman’s Tiger Global Management, at a valuation of $33 billion, Bloomberg reported.

Nikolay Storonsky came up with the idea in his spare time after leaving investment banking in 2013, after seven years working at Lehman Brothers Credit Suisse Group. The London-based Russian banker traded equity derivatives for the two London banks. He told Bloomberg in an interview that trading had become boring for him since he “had already maxed out” at his job.

Expansion multiplied by 6 of Revolut in the last round

Revolution The app has grown with a valuation of around six times compared to its last cycle in 2020. This comes after Stripe App reached the most successful company in the United States with a stake of $95 billion. last summer. Followed by Revolut rival Wise Plc, which is valued at $13 billion after going public this month. However, the latest technology updates from RevolutApp have allowed the fintech to raise funds at a bubble rate. The app is a child of Storonsky and tech developer Vlad Yatsenko, who previously worked for Deutsche Bank AG. Even though Revolut’s spokesperson declined to comment on Storonsky’s shareholding in the company, a statement from the company informed that the company was set to branch out into the United States and enter India. .

The app

the Revolution The app is described as the one-step solution for all financial life was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It provides accounting features, debit cards, virtual cards, interest-bearing “vaults”, commission-free stock trading, cryptocurrencies and many more services. One needs to open an account through the app to spend, budget, save and invest. The app also allows money to be exchanged in over 28 currencies in seconds with no additional hidden fees. The company has expanded into new markets like Japan in August 2020 and the United States in 2021 since its launch.

(Image entry: @NStoronsky/Twitter)