Fintech Trailblazer Nikolay Storonsky, Revolut’s dynamic CEO

As the genius and driving force behind one of the world’s most successful fintechs, Nikolay Storonsky has a story almost as colorful as his meteoric rise in the financial industry.

Born in Dolgoprudny – a town about 20 kilometers north of central Moscow – in 1984, Storonsky grew up in a Russia recently divorced from the Cold War and communism and embracing Western democracy and a free market economy.

His father, Nikolay Mironovich Storonsky, was a senior executive at Gazprom, the Russian majority state-owned multinational energy company headquartered in the Lakhta Center in St. Petersburg. He is still working, and is currently Deputy CEO of Science for Natural Gas Research Institute since 2017, as well as First Deputy CEO of Science Gazprom Promgaz OAO.

With such a science-oriented background, it is hardly surprising that young Nikolay excelled academically, studying for a master’s degree in physics at Moscow University, and also taking a second master’s degree in economics at the New Economic School in Moscow.

But in addition to being a brilliant student, Storonsky was a keen athlete. During his teenage years he became a state champion swimmer, and also took boxing lessons.

Storonsky moves to London

In 2004, aged 20 and looking for new challenges and work experience in a hub for the financial industry, Storonsky moved to London. His bold approach and impressive academic background served him well, and within weeks he started his first job in finance as a trader – first for Lehman Brothers and then later, after the financial crash of 2007 and the investment giant’s downfall, at Credit Suisse.

The hours were long and brutal, but for the highly ambitious Storonsky, they left a lasting impression and shaped his work ethic. And in 2015 he left Credit Suisse to launch Revolut – which at the time echoed the new digital neobank start-ups emerging in Asia.

Storonsky has always been vocal when it comes to criticizing the current banking system. He was once quoted as saying, “I just don’t like banks. They’re so bureaucratic, with so many managers who don’t really do anything … If you fired 80% of bankers, nothing would change.”

A tough work ethic in Revolut

And forcing change is precisely what drives him. His determination to succeed was evident from the hours he put into the venture on a daily basis, often spending 18 hours a day at the startup’s coal. He expected the same level of commitment from his team, which eventually led to conflicts and complaints about the work culture in the early days of Revolut.

He was once quoted as saying, “I don’t see how work-life balance is going to help you build a startup. Either you’re all in, you’re focused and spend time on it, or you have little chance of survival.”

Wired Magazine even published an internal email from Storonsky warning that underperformers would be “fired without any negotiations,” cementing a somewhat tyrannical reputation.

Addressing a positive culture within Revolut

As a result of the damning report, Storonsky worked hard to turn around Revolut’s reputation in the market. While he has previously argued that running a startup is not for the faint of heart, his zeal has matured and the company recently introduced an equity participation plan for its now 2,200 employees, which has seen its stake skyrocket following its latest valuation.

In 2021, a Series E funding round led by Japan’s SoftBank and Tiger Global Management raised $800 million and saw the then six-year-old fintech achieve a jackpot valuation of $33 billion.

Today, Storonsky is seen as a mentor and advocate for fintech, meaning he is now a regular speaker on the cause. He is in demand as a presenter due to his dynamic delivery style and acute industry knowledge in finance. To date, he has attended well over 100 business events globally.

A thrill seeker in his spare time

But his temperate management style has not extended to his love of adrenaline and sport, and Storonsky is an avid kitesurfer who enjoys the thrill of extreme activities when he can. He is also a family man at heart, settling into London life with his wife and two daughters.

Revolut continues to go from strength to strength under his leadership. Despite a disappointing period in 2021 – when the neobank pulled out of Canada after difficulties during the banking license application – Revolut is today one of the world’s most successful digital banks.

With a recent valuation of $33 billion and a new partnership with other stratospheric fintech stripes, the future has never looked brighter for this sporty and determined CEO.