What is this crazy new project from the founder of Revolut?

Nikolay Storonsky does not have the typical profile of the lambda startuper. Originally from Russia before being naturalized British, the entrepreneur began his career in investment banking. After a whirlwind stint at the defunct Lehman Brothers, he continued his journey at Credit Suisse as a trader in an equity derivatives team.

Five years later, he convinced a colleague to embark on the Revolut adventure. Formalized in July 2015, originally in the form of a prepaid account intended to reduce foreign exchange costs, the neo-bank has since evolved into a daily bank template. Since Wednesday, French users can even have a local IBAN.

Tremble, Softbank!

After taking it into his head to break the banking monopolies with Revolut, this financial genius wants to revolutionize the world of venture capital. In an interview with our colleagues from ForbesNik Storonsky said he was frustrated with VC action during his life as an entrepreneur.

For this, he created a structure called Quantum Light Capital Fund which aims to invest in fundraising for young shoots (Series B and C) based on artificial intelligence. He knows it and he assumes it rather well: his new fund will enter into direct competition with SoftBank, Tiger Global and other Balderton Capital who have nevertheless invested in Revolut.

A few months ago, the marketing director at Revolut, Chad West, confided “Nikolay has a very scientific approach to the world, he is a very intelligent person who is very good with numbers”. He proves it once again with this fund which will ignore human judgment for its investment decisions.

A promising track record

With an estimated personal fortune of $7 billion, Storonsky is one of fintech’s finest success stories. If Revolut has more than 3,000 employees, its new fund will be on a human scale.

Already, 6 data scientists and other engineers are scanning LinkedIn, company accounts and other databases in search of high-growth startups. In the coming months, he should appoint a general manager for this activity.

If he launches into machine-learning, Nik Storonsky seems however to have the hollow nose to invest with his human sensitivity. He himself bet on the Swedish company Tink, which was acquired by the Visa group for 2.1 billion dollars in June 2021. He also has a stake in the nugget of French insurance Alan, whose valuation flirts with the 3 billion euros.

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What is this crazy new project from the founder of Revolut?

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