Revolut has proposed increasing the amount cofounder and CEO Nik Storonsky can borrow against his stake from $50m to $250m, according to Financial Times reports. Documents show the fintech wrote to investors last week seeking approval for the change, codenamed Project Shasta, which would also remove board approval requirements for larger share pledges.

Current articles allow employees owning over 20% of ordinary shares to pledge 10% without board approval, with an additional 5% requiring director consent. Nik Storonsky, who holds a 29% stake, is the only eligible employee. The new articles would raise the cap and remove limits on the proportion of shares pledged, while expanding eligible share classes.

A Revolut spokesperson called the updates routine governance adjustments reflecting the company's $115bn valuation from last month's employee share sale, denying links to IPO plans. Separately, Storonsky is reportedly negotiating a deal to increase his stake if the firm reaches a $500bn valuation, while facing a lawsuit from a yacht broker over a €350m superyacht commission dispute.