Key facts
- Revolut founder Nik Storonsky confirmed plans for a dual listing in New York and London.
- Storonsky stated a preference for the US market due to greater liquidity and higher valuation multiples.
- The company's IPO is now estimated to be approximately two years away, potentially by 2028.
- Revolut received its full UK banking licence in March 2026 after an 18-month mobilization phase.
- The company filed for a US national bank charter in March 2026.
- Revolut generated $4 billion in revenue and $1.4 billion in pre-tax profit in 2024.
Revolut founder Nik Storonsky has confirmed that the digital bank is exploring a dual listing in New York and London, stating a preference for the US market. The company's initial public offering (IPO) is now projected to be approximately two years away, a slight tightening of previous guidance.
This timeline is supported by significant regulatory milestones. In March 2026, Revolut secured its full UK banking licence from the Prudential Regulation Authority, a process that was delayed due to concerns over global risk controls and anti-money laundering compliance. This licence provides UK customers with Financial Services Compensation Scheme protection and enables the offering of consumer credit products.
Also in March 2026, Revolut filed an application for a US national bank charter with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. The company also appointed Cetin Duransoy, a former senior executive at Visa, as its US chief executive. Storonsky has emphasized the importance of a US banking licence for offering competitive credit products and earning interchange fees at scale in the credit-card-driven American market.
Revolut's financial performance makes the two-year IPO window plausible. In 2024, the company reported $4 billion in revenue and $1.4 billion in pre-tax profit, representing year-on-year increases of 72% and 149% respectively. Management projects $9 billion in revenue and $3.5 billion in net profit for 2026.
The choice of listing venue has been a point of contention, with Storonsky citing greater liquidity and higher valuation multiples in the US compared to the UK, as well as the 0.5% stamp duty reserve tax on UK share dealings. UK Chancellor Rachel Reeves has actively sought to attract a London listing, but City analysts largely consider a primary London listing unlikely. A November 2025 secondary share sale valued the company at $75 billion.