Months after becoming a paper billionaire, Nik Storonsky, creator of the U.K.-based fintech firm Revolut, has established a family office in London to handle his $7 billion fortune.
Indeed, “Storonsky Family LTD” was registered as a Private Limited Company with Companies House on September 6, 2021, according to documents on Identeco.
In addition to having previously supported companies like Sweden’s Tink, the new fund opens the prospect that the entrepreneur would begin investing a portion of his estimated $7 billion into digital firms as part of the new fund.
Some successful entrepreneurs, including Taavet Hinrikus of international money transfer company Wise and Guillaume Pousaz of Checkout.com, have set up family offices to formalize their angel investing practices in the past. For example, Pousaz established a family office named Zinal Growth earlier this year, which is managed by a professional venture capitalist based in Switzerland.
Storonsky’s plans remain a mystery
For the time being, it’s unknown what Storonsky plans to do with his family office or where he intends to direct his investments. In fact, Revolut’s general counsel, Tommaso Pace, and himself are the only individuals mentioned in the filing.
Although some people close to the founder believe that Storonsky’s decision to utilize a family office to “professionalize” his angel portfolio makes sense.
If Storonsky decides to become more active in his angel investment, he might end up reinvesting millions of dollars from his own fortune back into the technology ecosystem.
During the summer, Storonsky sold a portion of his $33 billion fintech investment in a secondary transaction before the family office filing. The earlier sales meant that the chief executive of Britain’s largest private digital company had already liquidated several million dollars into cash.
For the most part, Storonsky has seldom spoken publicly about his wealth or the purposes he intends to put it to use in public interviews. He did, however, recently tell The Evening Standard that he did not believe in inheritance because he was afraid that “money spoils children.”