The British fintech company Revolut, whose private valuation has reached $115 billion, is considering the US as its primary market for a future initial public offering (IPO). The company has not ruled out a simultaneous listing in New York and London, but favours the US market due to its high liquidity and access to international investors. Revolut’s founder and CEO, Nick Storonsky, confirmed in an interview with Bloomberg TV that, should the company go public, it would like to hold its primary listing in the US. “This has always been our aim, given the high liquidity of the US market,” said Storonski. Previously, Revolut’s management had been considering the possibility of a dual listing on Nasdaq and the London Stock Exchange. This new statement signals the company’s priority, but does not mean a definitive rejection of the UK market. The IPO is not expected until 2028 at the earliest. Storonsky had already spoken of such a timeline back in April 2026: according to him, public company status could strengthen customer and investor confidence in the financial organisation. The decision on the listing will depend on market conditions, Revolut’s financial performance and compliance with regulatory requirements. In July 2026, the company conducted a secondary sale of shares held by employees and early investors, following which it was valued at $115 billion. As reported by Reuters, the price per share was $2,017. This is more than 50 per cent higher than the valuation obtained in November 2025 during a similar transaction: at that time, it stood at $75 billion. Consequently, Revolut’s private valuation rose by approximately $40 billion over eight months. By this measure, the company surpassed the market capitalisation of a number of major European financial groups, including the UK’s Barclays and France’s Société Générale, at the time of the transaction. However, a private company’s valuation is not the same as its market capitalisation: at an IPO, the share price will depend on investor demand and the business’s prospects. The move into the US market is linked to Revolut’s plans to significantly expand its banking operations in the US. On 3 September 2026, the company announced that it had received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish Revolut Bank US, a national bank. Before it can fully launch, it must still complete approval procedures with the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve System and the OCC. Revolut expects to meet the necessary requirements and commence operations of its US bank in 2027. Once it has received final authorisation, the company intends to offer US customers current accounts, credit cards, consumer loans and other banking products. According to Storonsky, Revolut plans to compete in the US market with major financial institutions, including JPMorgan Chase and American Express. The transition to a full-fledged banking model will enable the company to diversify its revenue streams through lending and deposit-taking. However, the development of the lending business will require additional investment in capital, risk management and compliance with banking regulations. In 2026, Revolut also achieved significant success in developing its European banking business. On 11 March, the UK regulator, the Prudential Regulation Authority, authorised Revolut Bank UK Ltd to complete the transitional licensing phase and commence full banking operations in the UK. The company was able to offer bank accounts with deposit protection under the UK’s Financial Services Compensation Scheme (FSCS). At that time, Revolut had around 13 million customers in the UK. On 10 August 2026, the company was granted a full banking licence in France following approval from the French regulator, the ACPR, and the European Central Bank. Revolut also plans to invest over €1 billion in the development of its business in Western Europe. In particular, the company intends to open a new regional office in Paris in early 2027. According to Revolut, by September 2026 its global customer base had exceeded 80 million. The potential listing of one of Europe’s most valuable fintech companies on a US stock exchange is also significant for the UK financial market. London is competing with New York to attract major technology companies that require access to a broad base of institutional and retail investors. The US is attractive to Revolut not only because of the liquidity of its stock market, but also because of the opportunity to expand its presence in the world’s largest financial services market. If the company opts for a dual listing, it will be able to maintain its presence on the London Stock Exchange, even if the majority of trading in its shares takes place in the US. Revolut was founded in 2015 by Nick Storonsky and Vlad Yatsenko. The company started out as a mobile app for currency exchange and international payments, and subsequently added bank accounts, payment cards, international transfers, investment tools, cryptocurrency transactions and financial products for businesses. Revolut is headquartered in London.
Revolut has been valued at $115 billion: the company is prioritising the US as it prepares for its IPO
