'Bored' investment banker Nikolay Storonsky built THIS much fortune with new Fin Tech app

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

Nikolay Storonskycame up with the idea during his leisure after he quit investment banking in 2013, after seven years of labour at Lehman Brothers Credit Suisse Group. The London-based Russian banker traded in equity derivatives for both London banks. He told during an interview with Bloomberg that trading had become boring for him since he "already reached his maximum" at his job.

Revolut's 6-fold expansion in the last round

Revolut app has expanded with an approximate six-fold valuation from its last round in 2020.  This comes after Stripe App hit the most successful business in the United States with a $95 billion stake last summer. Followed by Revolut's rival Wise Plc, which is valued at $13 billion after it went public this month. However, the latest technological updates of RevolutApp has enabled the fintech to raise fund at a bubble rate. The app is a child of Storonsky and technology developer Vlad Yatsenko, who earlier worked for Deutsche Bank AG. Even though Revolut's spokesperson has refused to speak on Storonsky's shareholding in the company, a company statement informed that the business is all set to branch out into the U.S and enter India.

The App

The Revolut app is described as the one-step solution for entire 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 has to open an account through the app in order to spend, budget, save, and invest. The app also allows the exchange of money across 28+ currencies in seconds without additional hidden fees. The company has expanded into newer markets like Japan in August 2020 and the U.S in 2021 since its launch.

(Image input: @NStoronsky/Twitter)