Revolut CEO will sell a portion of the company for $500 million

ChainCatcher news, according to FinanceFeeds, the CEO of digital bank Revolut, Nikolay Storonsky, will cash out part of his multi-billion dollar stake in the company through a $500 million stock sale.

Last month, Revolut was working with bankers to sell shares, including those held by employees, which would value the company at over $40 billion. The scale of Storonsky's stake in the company remains unclear, and the size of any sale will depend on the valuation Revolut receives from new investors and the company's final allocation decisions.

The company plans to go public, but interim CFO Victor Stinga declined to comment on any IPO timeline earlier this month.