Revolut to allow CEO to borrow up to $250m against his shares, reports say

Fintech company Revolut is seeking investor approval to allow its CEO Nik Storonsky to borrow up to $250 million against his shares, reports indicate. Currently, the cap on Storonsky's borrowing is $50 million. The proposed changes, outlined in documents seen by the Financial Times, would also remove the requirement for the board to approve larger share pledges.

Storonsky, who owns 29% of Revolut, is the only employee eligible for borrowing against his shares without board approval. The documents, part of codenamed "Project Shasta," would raise the borrowing cap to $250 million and broaden the types of shares that can be used as collateral. While Storonsky could still exceed the $250 million cap with board and 75% shareholder approval, these updates do not pertain to an IPO timeline or strategy.

Revolut, valued at $115 billion after a recent employee share sale, is negotiating a new share deal that could further increase Storonsky's stake if the company reaches a $500 billion valuation.