Revolut eyes New York-London dual listing, targets up to $200B valuation
What's the deal? Revolut is considering a dual stock market listing in New York and London for its long-awaited IPO, founder and chief executive officer Nik Storonsky told French newspaper Les Echos. A company spokesperson confirmed the report.
The numbers: Revolut hit US$48.5B valuation at a share sale in November, making it Europe's most valuable startup. It has told investors it is aiming for a valuation of up to $200 billion in a listing, the Financial Times reported in April.
Why now? Revolut received preliminary approval for a national banking licence in the US in September, after securing licences in Britain and France earlier this year. Storonsky said the company preferred the US because it was a bigger market to find investors, but was weighing a dual listing between the London Stock ExchangeDealroom has a profile for this one. Try Dealroom → and NasdaqDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Storonsky said building Revolut's brand in the US could support its valuation, as customers could participate in the IPO by buying shares. Any listing is still likely to be at least a year away, with past reports citing 2028, and subject to market conditions.
Between the lines: The London-based bank offers financial services via an app with no physical branches. Founded in 2015, it has expanded fast to 80 million customers globally, and is now worth more than many of Europe's best-known high-street lenders.
The signal: Deeper US capital markets and rising stock prices have drawn several British companies to list stateside, deepening London's struggle to attract new businesses. A Revolut dual listing would test whether Europe's most valuable startup can keep a foot in its home market while chasing American investors.
Read more: euronews.com, Financial Times, Reuters
