The founder of fintech firm Revolut, Nik Storonsky, is set to become one of the ten richest businessmen in Britain.

App-based bank Revolut is allowing employees to sell a portion of their shares in the company – up to 20 per cent – for $1,381.06 per share (around £1,029) in a secondary sale, which will value the business in total at $75bn (£55.9bn). Last year, the company was valued at $45bn (£33.5bn).

Mr Storonsky has around a 25 per cent holding of the firm, meaning his personal wealth will grow to more than $18bn (£13.5bn) – putting him in the top ten richest businesspeople in the UK.

Bloomberg’s Billionaire Index ranks James Dyson, the entrepreneur and inventor, as the richest on these shores with a personal wealth of $19.5bn. Sir Jim Ratcliffe, owner of Ineos and part-owner of Manchester United, is next in line at $16.2bn according to their list.

Other sources who work out billionaire wealth by different metrics place Storonsky’s impending value below that of Ratcliffe’s, while individuals such as Lakshmi Mittal – chairman at one of the world’s biggest steel manufacturers – is based in the UK, though born in India.

Thus, there will be discrepancies at the precise rank of Mr Storonsky – himself Russian-born but who renounced his citizenship after the invasion of Ukraine – when it comes to richest business people in the UK. He will certainly, however, be within the ranks of the top ten – and with the potential to go far higher.

As part of his package at Revolut, the founder will add more shares to his ownership if he steers the firm to a $150bn valuation, double that of the new level.

On the employee share sale, a spokesperson said: “As part of our commitment to our employees, we regularly provide opportunities for them to gain liquidity. An employee secondary share sale is currently in process, and we won’t be commenting further until it is complete.”

While Revolut does not yet have a full banking licence for the UK, it does hold a restricted one to allow it to operate towards being a full bank during a “mobilisation” phase.

Its valuation of around £56bn makes it bigger than the market capitalisation of public listed banks such as Natwest (£41.7bn), the Lloyds group (£47.6bn) and Barclays (£51.6bn). Revolut are expected to float on the stock market in due course, though Mr Storonsky suggested New York, rather than London, fits the company better for it.

Annual profits at Revolut topped £1bn last year, while earlier this year they announced an internal points system which contributes towards employee bonuses, as well as an intent to break into the mobile phone operator market.

New Delhi: For many taxpayers across India, the wait for income tax refunds has been unusually long this year. According to the Income Tax Department’s website, nearly 1.23 crore income tax returns (ITRs) are still pending for processing, out of the 3.98 crore returns filed so far. While 2.74 crore ITRs have already been cleared as of August 31, lakhs of taxpayers are yet to see refunds credited to their accounts. With the extended deadline for filing ITRs now set at September 15, 2025, for those not requiring an audit, the pressure is building as only two weeks remain. But for those who have already filed, the bigger question is: why is the refund process so slow?

One key reason lies in adjustments for past tax arrears

If a taxpayer has outstanding dues from earlier years or pending appeals, the department may offset the refund against those arrears, delaying or reducing the payout. Similarly, large or suspicious refund claims trigger deeper scrutiny. In such cases, taxpayers are often asked to submit additional documents, which naturally prolongs the process.

Another factor is the seasonal backlog

The peak filing season creates a flood of cases for the department, and despite automation, manual checks in sensitive cases lead to bottlenecks. Adding to this are technical glitches, with many taxpayers complaining that their AIS (Annual Information Statement) and Form 26AS data don’t match, leaving refunds stuck.

The late release of ITR forms also played a role

While ITR-1 and ITR-4 were available in May, ITR-2 and ITR-3 came only in July, delaying filings and, in turn, refunds. Issues with **bank account validation—such as incorrect account numbers, inactive accounts, or incomplete pre-validation on the portal—have further stalled payouts.

Another common mistake is failure to e-verify returns

Without Aadhaar OTP verification, net banking confirmation, or sending ITR-V to CPC Bengaluru, the return remains incomplete, and the refund cannot be processed. Finally, discrepancies between declared income and AIS/Form 26AS data often put refunds on hold until the department finishes its checks.

The government is aware of these delays

Finance Minister Nirmala Sitharaman has urged tax officials to speed up refunds and restore taxpayer confidence. The deadline for processing older returns (AY 2023–24) has also been extended to November 30, 2025, raising hopes for quicker resolutions. But for now, taxpayers must remain patient—and double-check their filings—to avoid unnecessary refund roadblocks.