Nik Storonsky
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In this episode of The David Rubenstein Show, host David Rubenstein sits down with Nik Storonsky, the founder and CEO of Revolut, one of Europe's most valuable pre-IPO companies. Storonsky shares his journey from a young trader at Lehman Brothers, who experienced the 2008 financial crisis firsthand, to building a digital banking giant from scratch in 2015. He details how Revolut began as a simple solution to eliminate foreign exchange fees, evolving into a full-stack financial platform offering banking, investing, crypto, credit, and lifestyle services across 40+ countries. With 75 million customers and a mission to become a truly global bank, Storonsky discusses the company’s regulatory ambitions—including a U.S. banking license, ongoing expansion into Asia, and a growing venture capital arm, Quantum Light, which uses machine learning models to invest in startups. He reflects on the importance of culture, innovation, and speed in fintech, while expressing confidence in Revolut’s long-term vision despite competitive pressures. Storonsky remains deeply focused on product excellence and global scale, rather than personal wealth, emphasizing that his fortune is tied to the company’s continued growth.
Revolut was founded in 2015 to eliminate foreign exchange fees using a digital-first model, now serving 75 million customers across 40+ countries.
The company operates with multiple banking licenses (UK, EU, and others) and is actively pursuing a U.S. banking license, with an estimated timeline of 4–12 months.
Revolut’s business model relies on merchant fees and the float from customer transactions, not customer fees, enabling fee-free international spending.
Storonsky built a culture centered on 'Never Settle,' hiring high-IQ, high-energy individuals focused on product excellence and execution.
Quantum Light, Revolut’s venture arm, uses AI-driven models to invest in startups, achieving top-tier returns and offering founders operational support beyond capital.
…and 2 more takeaways available in PodZeus
Introduction to Nik Storonsky and Revolut’s Rise
David Rubenstein introduces Nik Storonsky, founder of Revolut, and sets the stage for a deep dive into the company’s origins, growth, and vision for the future of global banking.
The Birth of Revolut: Solving FX Fees
“Every time when I went abroad or when I sent money, I could instantly calculate, okay, I lost here $10, $50 and so on. And my initial idea was to build a product... that allows you to spend money anywhere in the world at interbank rate.”
From Zero to 75 Million Customers: Growth Without Ads
“Funny thing, we didn't spend any single marketing for the first five to seven years of being in operation. It was all word of mouth.”
Revolut’s Global Expansion and Regulatory Strategy
“We have a European banking license. We are regulated by the European Central Bank. We have a UK banking license regulated by PRA. Then we also have multiple other licenses... And you're now applying for a U.S. banking license.”
Quantum Light: AI-Powered Venture Investing
“We build effective models that invest in startups, series B, based on millions and millions data points on our startups. So they are trained machine learning models that invest.”
“We build effective models that invest in startups, series B, based on millions and millions data points on our startups. So they are trained machine learning models that invest.”
“Every time when I went abroad or when I sent money, I could instantly calculate, okay, I lost here $10, $50 and so on. And my initial idea was to build a product... that allows you to spend money anywhere in the world at interbank rate.”
“In 5-10 years time, we'll see more and more consolidation. I think we'll see more and more certain digital champions in the regions taking more and more banking shares.”
Host
Guest
Revolut
organization
Nik Storonsky
person
David Rubenstein
person
Quantum Light
organization
Lehman Brothers
organization
Machine Learning Models
other
U.S. Banking License
other
Credit Suisse
organization
European Central Bank
other
PRA
other
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