Revolut is considering a simultaneous listing on the London Stock Exchange and Nasdaq when it eventually launches its long-awaited initial public offering (IPO), according to founder and chief executive Nik Storonsky. The potential dual listing would give the British fintech access to deeper US capital markets while maintaining a presence in its home market.
The plan remains under consideration, and Revolut has not announced an IPO date, confirmed which exchange would host its primary listing or said whether both listings would take place at the same time.
Revolut considers two-market flotation
Storonsky discussed the possible structure in an interview with French newspaper Les Echos. A Revolut spokesperson subsequently confirmed the report, clarifying earlier speculation about the company’s plans for a public listing.
The United States remains Storonsky’s preferred market because of its larger pool of institutional investors, hedge funds, asset managers and retail investors. However, the company now appears more open to including London than it was previously.
A dual listing could allow Revolut to seek the scale and liquidity available in the United States while preserving an important connection to the United Kingdom, where the business was founded and has built its largest market presence.
Why the US market is attractive
US exchanges offer access to a broad investor base and have attracted many large technology and financial companies. For a fast-growing fintech, a deeper market may support greater demand for shares and potentially more active trading after an IPO.
Storonsky had previously criticised London’s market structure, arguing in 2024 that the London Stock Exchange struggled to match US venues on liquidity. He also pointed to the UK’s 0.5% stamp duty on share purchases as a disadvantage for investors.
The latest comments represent a less definitive position on London. They suggest the company is weighing the benefits of both markets rather than ruling out a UK listing entirely.
Potential valuation would place Revolut among the UK’s largest companies
Revolut’s valuation has risen sharply in private-market transactions. A secondary share sale in July valued the company at approximately $115 billion, or about €100 billion, compared with roughly $75 billion, or €65 billion, in November.
If Revolut eventually went public at a valuation close to that level, it could rank among the largest companies listed in the United Kingdom by market value. It could potentially be valued above major UK-listed banks such as Barclays or NatWest.
That comparison is not a forecast of the company’s eventual IPO valuation. Public-market pricing would depend on investor demand, financial performance, market conditions, the details of the offering and the exchange or exchanges selected.
No IPO timetable has been confirmed
Revolut has not provided a formal timetable for going public. When asked about internal discussions, the company’s spokesperson referred to an earlier Bloomberg interview in which Storonsky said an IPO could take place “in two years’ time”, while emphasising that the timing would depend on market conditions.
That comment does not amount to a fixed launch date. Companies preparing for an IPO generally need to assess their financial reporting, governance, regulatory position, internal controls and investor communications before filing formal documents.
Licensing progress strengthens the company’s regulatory position
Revolut has continued to expand its regulatory footprint during 2026. The company:
- secured a full UK banking licence in March;
- obtained a French licence in August;
- received conditional approval this month for a US national bank charter; and
- announced an application for a Swiss licence alongside plans to invest more than 150 million Swiss francs in Switzerland.
These developments are separate from an IPO decision. Banking licences and regulatory approvals may support the company’s operating model and corporate credibility, but they do not guarantee that a public offering will proceed or determine where shares will be listed.
Why the decision matters for London
Revolut’s deliberations come as London seeks to revive its market for new listings. Several companies have remained private for longer or chosen US exchanges, intensifying debate about liquidity, valuation and the competitiveness of the UK capital market.
Payments group Wise moved its primary listing to New York this year, while AstraZeneca has expanded its presence in the United States. A London listing by Revolut would therefore carry significance beyond the company itself, particularly because of its size and profile.
At the same time, a dual listing would not necessarily resolve broader concerns facing the London market. The company would still need to determine its legal structure, reporting obligations, share-class arrangements and the relationship between the two venues.
What happens next?
The next major step would be a formal decision by Revolut’s board and shareholders, followed by regulatory filings and an offering document if the company proceeds. Potential investors would then assess the fintech’s financial results, growth prospects, risk controls and exposure to different regulatory systems.
For now, the proposal is an indication of strategic thinking rather than an announced transaction. Revolut is considering how to balance its UK identity with the fundraising advantages of the US market, but the timing and final structure remain undecided.
The key takeaway from this Europe news development is that Revolut may pursue access to both London and New York, yet no IPO has been formally scheduled. Investors and employees will need to await confirmed filings before the company’s public-market plans become definitive.
