UAE sovereign wealth fund Mubadala has invested in Nikolai Storonsky’s fintech startup Revolut. The fund bought part of a stake worth $500 million, which Revolut employees sold in August, the Financial Times writes.
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According to experts interviewed by the newspaper, Revolut founder Storonsky could earn between $200 and $300 million from the Mubadala deal, and the $500 million stake was also purchased by funds D1 Capital Partners and Tiger Global.
The newspaper’s source clarified that the funds received by Storonsky could be used to develop the QuantumLight venture fund, which he founded in 2022.
In July 2024, Revolut strengthened its status as Europe’s most valuable startup: according to the newspaper, the startup’s business is valued at $45 billion. In July 2024, Revolut received a banking license in the UK.
The Mubadala fund, which announced the suspension of all investments in Russia in March 2022, is increasing its position in the European venture capital market: over the past five years, the UAE sovereign wealth fund has participated in 28 European venture deals, representing more than 20% of its total transactions worldwide, the Financial Times noted. Mubadala previously invested in Swedish fintech startup Klarna.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
