Behind the Revolut’s rise are two Eastern European immigrants, Nik Storonsky and Vlad Yatsenko, who met in London’s financial sector — and they’re anything but typical fintech founders.
Physics, code, and a broken banking system
The son of a senior scientist at Gazprom, Russia’s state-owned energy giant, he studied physics in Moscow before becoming a derivatives trader at Lehman Brothers and later Credit Suisse.
Storonsky grew disillusioned with traditional banking, particularly how slow and expensive cross-border payments were. He was appalled by the high fees and hidden commissions charged by banks, particularly on foreign exchange transactions.
Yatsenko, his future co-founder and CTO, had a parallel journey. Born in East Germany to Ukrainian parents, he became a software architect specializing in core banking systems, with stints at UBS and Deutsche Bank.
In 2014, the two met in London and bonded over the same frustrations: outdated infrastructure and bad user experience in legacy finance.
Revolut launched in 2015 as a simple app that lets users hold and spend money in multiple currencies at interbank rates. It was scrappy, but it worked — and it resonated with a generation burned by fees and bureaucracy.
Building a fintech super-app
Since then, Revolut has evolved into a financial super-app offering everything from stock and crypto trading to insurance, savings, business accounts, and international remittances. In 2024, it added nearly 15 million new users and grew revenues by 72% to $4 billion.
The company’s crypto exchange is surging too. Its new exchange, Revolut X, helped power a 298% revenue jump in its wealth business division, which now pulls in $647 million annually — second only to card payments, which brought in $887 million last year.
“2024 was a landmark year,” Storonsky said in a statement with the company’s annual report. “We not only accelerated our customer growth, but we also saw customers engaging more deeply with our full suite of services.”
Revolut’s IPO may be on pause, but investor appetite clearly isn’t. A large secondary share sale last year pushed the company to a $45 billion valuation, placing it among the top tier of global fintechs.
The U.S. challenge and a core market
Revolut already operates in the U.S. through a banking partner, Lead Bank, but its feature set is limited. A full banking license would unlock the ability to offer credit cards, loans, and deeper financial services — a playbook that worked well in Europe.
“We see the U.S. as a core market for our long-term growth,” Storonsky said in an interview last year. “But to really compete, we need to be able to offer credit. That means a full banking license.”
Storonsky has said Revolut isn’t rushing into public markets until the timing — and regulatory setup — is right. First comes getting licensed in the U.S., scaling Revolut X, and continuing to expand the product suite globally.
Bridging geopolitical lines
Storonsky, who held dual citizenship, renounced his Russian passport in 2022 following the invasion of Ukraine. Yatsenko, born in Ukraine and now a British citizen, has remained relatively quiet about politics but publicly supported humanitarian efforts.
“I am immensely proud of Revolut’s continuous support for Ukraine,” said Yatsenko.
Since 2022, people have sent more than $1 billion to Ukraine through the app, mainly from Germany, the U.K., Ireland, Poland, and the Netherlands. Revolut has helped raise over $12.5 million for the Red Cross Ukraine appeal, including a $1.9 million donation from the company.
While some speculated that the conflict might fracture the team, both founders have remained committed to growing a global business.
“Revolut exists for one reason: to simplify all things money for everyone, everywhere. ” Storonsky said. “Our mission is to unlock a borderless economy, for everyone.”
