Nikolay Storonsky, CEO of British fintech firm Revolut, plans to sell a portion of his multibillion-dollar stake in the company as part of a $500 million share sale, according to a Sky News report on Sunday.

The Financial Times previously reported that the digital finance app is collaborating with bankers on this share sale, which includes shares owned by employees and could potentially value the company at over $40 billion. The exact size of Storonsky's stake remains uncertain, and the extent of his sale will hinge on Revolut's valuation by new investors and the company's final allocation decisions.

Revolut has not responded to inquiries outside of regular business hours. The company has expressed its intention to go public, though interim CFO Victor Stinga declined to specify a timeline for an IPO earlier this month. In 2023, Revolut achieved a record pretax profit of 438 million pounds ($553.8 million) due to robust user growth and increased interest-related income, positioning itself as Europe's most valuable startup.

The UK's fintech sector has experienced a funding drought in recent years, as investors have grown wary of pandemic-era valuations and pressured companies to achieve profitability. Revolut has applied for a UK banking license but continues to wait for approval, three years after its initial application.