Revolut Is Aiming for a Dual Listing in New York and London — Staronsky

British fintech company Revolut is considering a dual stock listing on the New York and London stock exchanges, according to a report in the Financial Times citing company CEO Nick Storonsky. Previously, the startup had ruled out a listing on the London Stock Exchange. The IPO could take place no earlier than 2028, provided the company achieves its ambitious valuation target.

The neobank aims to go public in the U.S. specifically because the American market offers higher liquidity and a broader base of large institutional investors, Revolut’s CEO said in an interview with the French newspaper Les Echos, as reported by the FT.

“This is a larger market. It includes institutional investors, hedge funds, fund managers, and a significant number of retail investors,” noted Storonsky. The company has a choice between selling in a small market with few buyers or in a massive market with a huge number of market participants who will compete fiercely for its shares, the top executive added. “So yes, we prefer the United States,” he said.

London, where the company is headquartered, will be the second venue for its initial public offering. A listing in the British capital will allow Revolut to join the ranks of the country’s largest publicly traded companies.

Storonsky added that promoting the Revolut brand in the U.S. could help boost the company’s market valuation, as the bank’s customers would be able to participate in an IPO by purchasing shares, Reuters reports. Any potential stock offering is unlikely to take place for at least a year and will depend on market conditions, the agency notes.

A Revolut spokesperson confirmed to Reuters the plans for a dual listing.

Since its launch in 2015, Revolut has become Europe's largest fintech company, with 80 million customers in approximately 30 countries, and has emerged as Europe's most valuable startup.

In April, Storonsky stated that he planned to take the digital bank public no earlier than 2028. “There are two years until then [the IPO],” the top executive said at the time. Subsequently, the Financial Times reported that Revolut was aiming to increase its valuation by 2 to 2.5 times—up to $200 billion—before going public. At that time, the startup was valued at $75 billion. In July, that figure rose to $115 billion during a secondary sale of shares on the private market. At that valuation, the startup is worth more than British giants such as Barclays, BP, and GSK, the FT notes.

Previously, Storonsky had been skeptical about the prospects of a listing in London due to the stamp duty that British investors are required to pay when trading shares, according to the FT. In 2024, he stated that the London Stock Exchange “cannot compete” and is “far worse” than its American rivals. In 2023, he said he saw “no point” in a London listing.

Storonsky also criticized British regulators. The company waited for years to obtain a full banking license while trying to resolve issues, including those related to the adequacy of its controls and risk management measures, the newspaper notes. The startup did not obtain a full license until March 2026, and in August it was granted a license in France. In September, the company received preliminary approval in the U.S.

The value of a London-based startup could increase tenfold, Andreessen Horowitz partner Alex Immerman suggested in an interview with the FT; the venture capital firm participated in the latest round of Revolut’s equity financing.

This article was AI-translated and verified by a human editor