At YourDailyAnalysis, we note a symbolic yet significant shift for the European fintech landscape – Nikolay Storonsky, co-founder and CEO of Revolut, has officially changed his tax residency, leaving the UK for the United Arab Emirates. According to filings from the UK’s corporate registry, Companies House, this change took effect in October 2024, marking not only a personal move but also a broader trend of capital and leadership relocation from Europe to more flexible jurisdictions.
We at YourDailyAnalysis view this decision as a strategic one. The UAE has spent the past several years cementing its reputation as a global hub for technology and finance, offering favorable tax regimes and a supportive investment environment. For Storonsky – whose net worth is estimated in the billions – the move represents an opportunity to diversify assets and further globalize his company’s footprint.
Founded in 2015, Revolut has grown into Europe’s most valuable fintech company, with a valuation of $75 billion. Storonsky, who owns more than 25% of the company, remains the key decision-maker steering Revolut’s evolution from a simple currency exchange app into a full-scale financial ecosystem competing with traditional banks.
In September, Revolut unveiled a new London headquarters, announcing that it had surpassed 65 million users and plans to enter 30 additional markets by the end of the decade. However, as we emphasize at YourDailyAnalysis, Storonsky’s relocation may signal a strategic shift – from London-centric operations to a more globally distributed leadership model.
Analysts in the UK have noted that the move coincides with growing regulatory pressure on fintech companies. Licensing, reporting, and operational compliance have become increasingly stringent, making the UAE’s more agile business environment particularly attractive. From this perspective, Storonsky’s decision appears less personal and more aligned with Revolut’s broader strategic transformation.
At Your Daily Analysis, we believe this move could mark the start of a new wave of European tech leaders relocating to regions with more flexible financial frameworks and stronger ties to emerging markets in Asia and the Middle East. While Revolut maintains London as its operational base, it is clearly evolving into a next-generation transnational player, where global presence takes precedence over national roots.
Our forecast: Storonsky’s move to the UAE will likely strengthen Revolut’s international position and accelerate its expansion into emerging markets. Yet for the UK, this serves as a warning sign – the country risks losing its status as Europe’s fintech capital unless it can offer equally competitive conditions to retain its innovators and global-scale entrepreneurs.
