From Fintech To Five-Star: How Revolut's Billionaire Founder Is Reinventing Luxury Travel

Nikolay Storonsky, the billionaire co-founder of fintech company Revolut, is quietly building a global luxury travel business under a new venture called Utopia Design, according to Forbes.

Founded in 2023, Utopia Design has been developing high-end vacation villas in locations including Cabarete in the Dominican Republic, Jericoacoara in Brazil, and the upscale Pedralbes neighborhood in Barcelona, Spain.

The project is backed by Storonsky's family office and operates under a British Virgin Islands–registered parent company named Kiteway, Forbes reported.

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A Hidden Venture in Global Real Estate

Utopia has not publicly acknowledged its ties to Storonsky, but Forbes found overlapping staff and office addresses with his family office and his $250 million venture capital fund, QuantumLight. The company's LinkedIn page lists its address at the same London property as both entities.

Although the company's website is limited to a "coming soon" banner and job listings, its recruitment efforts and public job descriptions provide insight into the project. Utopia describes itself as a developer of luxury villas that combine innovative architecture with scenic locations to offer extraordinary living experiences. 

According to Forbes, the only common factor linking the selected real estate locations appears to be their proximity to popular kite surfing destinations—a sport Storonsky has publicly expressed enthusiasm for.

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Trademarks and Mansion Redesign 

Trademarks filed by Utopia HQ Ltd. with the UK's Intellectual Property Office include hotel and concierge services, as well as software related to guest management.

Utopia was also involved in renovations to Storonsky's West London mansion, according to Forbes. He purchased a 9,000-square-foot residence for $25 million in 2019 with financing from Credit Suisse and has since filed multiple planning applications for additions, including a basement gym, sauna, swimming pool, and panic room, Forbes reported.

Storonsky's Expanding Business Portfolio

Storonsky, a former trader at Lehman Brothers, co-founded Revolut in 2015 with software engineer Vlad Yatsenko. The fintech firm began with prepaid travel cards and has since grown into a multi-service platform offering stock trading, crypto brokerage, savings accounts, wire transfers, SIM cards, and business banking.

Revolut operates in 38 countries, including the US, Mexico, and Japan. Earlier this month, the company began hiring wealth management professionals as part of a reported plan to compete with private banks. It is also recruiting staff to manage access to private equity, venture funds, and hedge funds for high-net-worth clients, Forbes reported.

The company reported a net profit of $1 billion on $4 billion in revenue for 2024 and was valued at $45 billion through a secondary share sale in August 2024. Storonsky is reported to have sold over $400 million worth of shares in that transaction, according to Sky News. Forbes estimates his current net worth at $7.9 billion.

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