Revolut Weighs Dual Listing in New York and London, Possibly at a $200 Billion Valuation
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Revolut is considering a dual stock market listing in London and New York. Co-founder and CEO Nik Storonsky revealed the plans in a recent interview with French business daily Les Echos. The target is ambitious: the neobank is aiming for a valuation of up to $200 billion for its IPO, which is expected no earlier than 2028.
Why Revolut Prefers the US
While both exchanges remain on the table, Storonsky made clear where his preference lies. The US, he said, simply offers a far larger pool of investors. “It includes institutional investors, hedge funds, fund managers and a considerable number of individual investors,” the Revolut CEO explained.
His reasoning is simple: “We have the choice between selling in a small market with few buyers, or in a gigantic market with a huge number of buyers who will compete fiercely for our shares. Therefore, yes, we prefer the United States.”
New York is not set to be the only venue, though. Storonsky said Revolut aims to list on both exchanges, keeping a presence in its home market of London alongside a US listing.
Following in Wise’s Footsteps
The approach mirrors that of another British fintech heavyweight. Payments company Wise completed a dual listing on both exchanges earlier this year and moved its primary listing from London to New York to tap into deeper liquidity. For the London Stock Exchange, which has struggled for years with companies leaving and a thin IPO pipeline, a similar move by Revolut would be another setback, even if a secondary listing remained in London.
To put the numbers in perspective: Revolut was most recently valued at $75 billion in a funding round. Reaching the targeted $200 billion at IPO would require the company’s value to nearly triple.
US Expansion Is the Key Factor
According to Storonsky, Revolut’s performance in the US will be decisive for the success of the listing. The more popular the product is with American customers, the more likely they are to buy into the IPO, he argued.
Revolut has already cleared an important hurdle on that front. Earlier this month, the US Office of the Comptroller of the Currency (OCC) granted the company conditional approval for a US banking licence. Once fully authorised, the London-based fintech will be able to offer American customers loans, credit cards and insured deposits directly, as well as access to stablecoins and cryptocurrencies.
Revolut has big plans for the years leading up to its market debut. The company intends to invest around €2.3 billion a year in growth through 2030 and push ahead with its global expansion before going public.
