Nik Storonsky (right)/Revolut.
Revolut has 24 months of funding in the bank, says Storonsky
The CEO bats off any suggestion of the fintech facing a down round.
Storonsky also ruled out taking Revolut public in the next 24 months, due to the current market turbulence, saying that his company has enough funding to last the next two years.
In comments first reported by Bloomberg, the CEO speaking on the panel last week joked that Revolut “now can probably buy” its Swedish peer Klarna, which has reportedly had to slash its valuation to as low as $6.5bn.
While Revolut may be able to avoid a similar fate, Storonsky gave no impression that the fintech would be slowing down, adding that it was “aggressively expanding” in Latin America, India and the Philippines while also looking to grow in the Middle East.
Storonsky made a brief mention of Revolut’s UK banking licence application, saying he hopes the FCA will give the company the greenlight “as soon as possible”, but holding back from some of the more critical language he’s used in the past.
On LinkedIn, Revolut’s social accounts promoted the CEO’s statements but also added that the company is “now profitable”, a comment that Storonsky didn’t actually make and that was later removed from the post.
While Storonsky has made statements in public that Revolut is profitable, the group’s 2021 financial accounts have yet to be published, so it is not yet clear what measure of profitability Storonsky refers to.