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Revolut's $40bn proposed IPO must be painful for partners who left

Revolut, the British app based bank, is planning to make people rich. Not necessarily clients, but employees. The Financial Times says it's lining up a flotation that would value it at $40bn following the sale of $500m of existing stock, including stock held by staff. 

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As we've noted, Revolut pays anything from 33% to 50% of its compensation in stock, so many of its 10,000 employees will benefit from the stock sale. However, some of those who would surely have benefited from the employee share sale have walked away, presumably leaving their stock on the table.

The exits include Revolut's former 31-year-old CFO, Mikko Salovaara, who left last May for "personal reasons" only two years after joining and shortly after Revolut's auditor BDO was said to query its 2021 accounts. Salovaara resurfaced shortly afterward as CFO of Bolt. He was replaced at Revolut by Victor Stinga, who graduated from Cass Business School in 2015.

Working with head of group finance and strategy Ashley Moorman, who joined from KPMG in 2019, Stinga is now presumably responsible for completing the accounts that will achieve the $40bn proposed valuation. The FT says the valuation is based on expected 2023 revenues of £1.7bn ($2.15bn) and a "double digit" profit margin. If the margin is 20%, this implies $429m in profit and a multiple of more than 90. Revolut's 2022 accounts, filed in January 2024 show revenues of £611m and a net profit of £15m ($19m).

Other senior exits from Revolut since 2023 include Aaron Elliott-Gross, Revolut's head products and operations for financial crime, who left for Wise in 2024, Matthew Maher, the former director of people, Yuval Rechter, the former US general manager, James Radford, the former UK CEO, and Michal Laube, the group COO. Radford is now chief executive of Lycamoney.

If the $40bn valuation comes to pass, Salovaara and others may regret their premature exits. Remaining staff who've survived Revolut's "A team" culture will presumably feel vindicated. People leave Revolut because they can't stand the pace, said one former senior employee: "For anyone who is remotely ambitious it's a great place to work," he told us last year.

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Photo by Ryan Stone on Unsplash

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AUTHORSarah Butcher Global Editor

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