Revolut’s billionaire cofounder Nik Storonsky’s family office has been quietly building a network of high-end vacation properties around the world as part of plans for a new luxury travel business.
The project, named “Utopia Design,” is building luxury properties in Spain, Brazil and the Dominican Republic backed by Storonsky’s family office, according to sources close to the project, corporate filings and online job listings reviewed by Forbes.
Utopia was set up in 2023 without any fanfare and describes itself as an “cutting-edge architectural firm” and a real estate developer with the pitch to create “ unique experiences in unique locations” in its LinkedIn profile and job adverts. “Utopia designs and builds villas that blend innovative architecture with stunning natural settings, offering unparalleled luxury and exclusivity for those seeking extraordinary living experiences,” said the company in one job listing.
The properties are largely “high-end luxury villas” in Cabarete in the Dominican Republic, Jericoacoara, Brazil, and the Pedralbes, the most expensive neighborhood in Barcelona, Spain, according to adverts for on-site construction managers. The only connection between the locations seems to be that they are all close to popular spots for kite surfing, about which Storonosky has said he is passionate. The parent company that owns Utopia’s operations in the U.K. and Brazil is a British Virgin Islands-registered company named Kiteway.
The Utopia website features only a “coming soon” banner and a link to its dozens of open roles.
Outside of the job listings the company has given no hints about its projects beyond sharing illustrations of architectural designs for a series of large villas, and renders for swimming pools, cabanas and an outdoor gym.
Utopia has been hiring for a wide range of roles over the last two years that include architects, designers, engineers, construction managers and staff with experience managing luxury hotels and restaurants. The company has also hired a number of people with experience in CGI and 3D art visualizations.
Nowhere does Utopia make any mention of its ties to its wealthy owner, but the same recruiters posted roles for both Utopia and Storonsky’s family office, and Utopia’s LinkedIn page lists its address as the same central London property where Storonsky’s family office, and his new $250 million venture capital fund QuantumLight, are registered. The directors of Utopia HQ Limited were named in British corporate filings as Revolut and QuantumLight executive Ezio Mantegazza and a former Zahid Hadid architect Nicos Yiatros, who listed himself on Linkedin as the former design director for Utopia. Mantegazza and Yiatros are no longer directors of the company.
Revolut declined to comment.
Trademarks filed by Utopia HQ Limited with the U.K.’s Intellectual Property Office hint that Utopia isn’t just a holding company for a tech billionaire’s vacation property portfolio. The trademark reserves the name Utopia in the field of hotel, concierge services and software relating to guest management.
Utopia was also involved in the rebuilding of Storonsky’s West London mansion, according to sources involved in the project. The tech billionaire bought the property for $25 million with the help of a loan from Credit Suisse in 2019, according to British property records. The property was built in 2012 in the style of a 19th century stucco-fronted mansion but the tech billionaire has submitted a string of remodelling applications since 2019. Online filings show that Storonsky filed for permission to build an extension on the 9,000 square foot property and excavate a basement to house a gym, sauna, underground swimming pool and a panic room.
Former Lehman Brothers trader Storonsky cofounded Revolut in 2015 with software engineer Vlad Yatsenko. The London-based fintech started out offering pre-paid travel money cards but quickly expanded to offer a range of services like a crypto brokerage and now has a banking license in the United Kingdom and Europe.
The company has continued to expand its operations well beyond the scope of most rival fintechs and now operates in 38 countries including the United States, Mexico, and Japan, offering Robinhood-style stock trading, savings accounts, business banking, wire transfers and even sim cards. Revolut earlier this month began hiring staff with wealth management experience for a previously reported push into competing with private banks. The company is also hiring for an investor to manage access to venture funds, private equity and hedge funds for its wealthy new clients.
Revolut was last valued at $45 billion in a secondary share sale in August 2024 and reported in April that it generated $1 billion net profit on revenues of $4 billion last year. Storonsky was reported to have sold shares worth over $400 million in secondary shares. Forbes estimates his net worth at $7.9 billion.
Read the full article here
