NeoBank Revolut is considering allowing its billionaire chief executive and co-founder, Nik Storonsky, to borrow up to five times more against his stake in the company as its valuation soars, the Financial Times has reported.

According to documents reviewed by the paper, the bank wrote to investors last week seeking approval for the increase, which would allow Storonsky to access up to $250 million, as well as to remove a requirement for board approval for larger share pledges.

The move comes after Revolut’s value has soared in recent months. It reportedly reached $115 billion in July, up over 50 per cent from its $75 billion in November. Storonsky owns around 29 per cent of the company, a person familiar with the matter told the FT, making him one of the UK’s richest people.

However, the vast majority of his wealth is tied up in his Revolut holdings, limiting the liquid cash he can access. Under its current governing documents, employees owning more than 20 per cent of its ordinary shares, which currently applies only to Storonsky, can offer up to 10 per cent of their holdings as collateral for loans without seeking board approval.

A further five per cent may be pledged with majority backing from the board. Currently, Storonsky cannot borrow more than $50 million, the FT reported.

The proposed new articles, part of a plan codenamed “Project Shasta”, would raise that cap to $250 million and remove existing limits on the proportion of shares pledged, the FT reported, allowing Storonsky more liquidity without reducing his ownership of the bank.

In addition, the articles would expand the classes of shares that may be used as collateral.

One person familiar with the proposed changes told the FT that “the previous [borrowing] threshold was set years ago when Revolut was a fraction of its current size”, and that a $250mn cap represented “an exceptionally low borrowing limit” on Storonsky’s equity stake.

The person added that the proposed articles “do not reflect any borrowing that has taken place or any intention to borrow”.

Revolut has expanded rapidly this year, launching full banking services in several countries including Australia, France, Peru and the UK after posting a record £1.7 billion profit in 2025.

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