Nik Storonsky, cofounder and CEO of Revolut, has changed his residency from the UK to the United Arab Emirates, according to Companies House filings.
The move, first reported by the Financial Times, was disclosed in updates to Storonsky’s family office records. It comes as Revolut accelerates its Middle East expansion, having recently secured regulatory approval to launch in the UAE.
Founded in 2015, Revolut operates in more than 30 countries and serves over 60 million customers across banking, trading, and insurance. Storonsky’s relocation also places him among a growing number of UK business leaders shifting to the region, attracted by its favourable tax regime and deepening financial ecosystem.
Last month, Revolut received in-principle approval from the Central Bank of the UAE (CBUAE) for its Stored Value Facilities and Retail Payment Services (Category II) licences, paving the way for its imminent market entry. The company plans to roll out a full suite of financial services for UAE retail customers and ramp up hiring under Ambareen Musa, CEO of GCC at Revolut and founder of Souqalmal.com.
The UAE is among Revolut’s most strategic new markets, following launches in Australia, Brazil, Mexico, Japan, Singapore, the US, and India. The company aims to be among the top three financial apps in every market it enters, competing with local players including Wio, Yap, and Zand as digital wallets and cross-border payments see rapid adoption.
