‘At par with Amex or JPMorgan Chase’: Revolut keen to challenge U.S. financial giants
If Revolut goes public, it wants the U.S. to be the primary listing venue, CEO Storonsky says
Revolut is still considering a listing no earlier than 2028 / Photo: Revolut
Revolut wants to “dominate” the U.S. market and plans to roll out credit cards and loans in the country once it receives a full banking charter, founder and CEO Nick Storonsky said in an interview with Bloomberg TV.
Details
“That was always the target, given the deep liquidity of the U.S. market,” he said. If Revolut decides to pursue an IPO in the future, the digital bank would want its primary listing to be in the U.S., Storonsky added. In a September interview with French newspaper Les Echos, Storonsky discussed a potential dual listing for Revolut in New York and London. The bank is not planning to IPO before 2028, Bloomberg notes.
Revolut wants to “dominate” the U.S. market, in Storonsky's words. In September, the company received conditional regulatory approval to operate as a national bank in the U.S. This will eventually give the company direct access to the Fed’s payment systems, allow it to accept customer deposits federally insured up to $250,000 per account, and enable it to offer personal loans and credit cards.
“Our offering will be at par with Amex or JPMorgan Chase,” Storonsky said, referring to American Express. He added that Revolut also intends to roll out products in the U.S. that those card giants do not offer. Bloomberg did not specify what those products would be.
Context
JPMorgan Chase CEO Jamie Dimon said earlier this year that he was “jealous” of Revolut, which has become one of the U.S. bank’s biggest retail rivals in Europe.
Storonsky first publicly discussed Revolut’s preferred IPO venue in September, when he also named the U.S. as the company’s preferred listing market. According to the FT, the fintech aims to increase its valuation to $200 billion before going public. Its valuation rose to $115 billion in July.
The company applied for a U.S. banking charter in March. That same month, Revolut obtained a full banking license in the UK, followed by one in France in August. The service has more than 80 million customers worldwide, while the company has committed to investing $500 million in the U.S. over three to five years.
