Revolut is planning a dual stock-market listing in New York and London, its founder and chief executive Nik Storonsky said in an interview with French newspaper Les Echos, opening the possibility of one of Europe’s most valuable fintech companies becoming a major publicly traded business on both sides of the Atlantic.
The proposed listing would give Revolut access to two of the world’s largest financial markets while offering investors exposure to a digital banking company that has expanded rapidly beyond its original payments and foreign-exchange business.
US market appeal
Storonsky has previously indicated a preference for the US market, citing its deeper liquidity and larger pool of institutional and retail investors. The Nasdaq, in particular, has become a major destination for technology companies seeking public-market valuations.
The dual-listing plan would nevertheless retain London as an important part of Revolut’s corporate identity.
The company is headquartered in the UK and has been encouraged by the British government to list domestically, amid wider efforts to strengthen London’s appeal as a venue for high-growth companies.
The proposed structure could allow Revolut to tap US technology investors while maintaining a presence in the market where it was founded.
A USD 115 billion fintech
According to the Financial Times, a recent private fundraising round valued Revolut at USD 115 billion.
That valuation would place it among the largest publicly traded companies in the UK if it were carried into a future listing.
The company has grown from a travel-focused currency exchange app into a broad financial services platform offering payments, banking, investments, and business accounts.
It serves about 80 million customers across approximately 30 countries, according to the Financial Times. Its expansion has included banking operations in Europe and further ambitions in the US and other international markets.
A public listing would provide an opportunity for existing investors and employees to realise some of their holdings while giving Revolut access to capital for continued expansion.
However, the timing and valuation of any initial public offering remain uncertain.
The Financial Times reported that the company does not expect a listing before 2028.
From fintech to global bank
Revolut’s listing plans come as the company seeks to establish itself as a global banking business rather than a payments-focused fintech.
Reuters reported that Revolut had secured conditional approval for a US banking charter and a banking licence in France, while also expanding its international operations. The company aims to grow its corporate customer base and enter additional markets.
That strategy could broaden its revenue sources but also expose the company to the more demanding economics and regulation of traditional banking.
Revolut’s business has historically relied heavily on fees and services such as foreign exchange, while lending and interest income have accounted for a smaller share of revenue. Expanding into loans and deposits could change that mix but would require greater attention to credit risk, capital, and regulatory compliance.
The company’s recent banking expansion in Switzerland illustrates the scale of its ambitions. Revolut applied for a Swiss banking licence and announced plans to invest more than 150 million Swiss francs (USD 183 million) in the country, where it has about 1.3 million customers.
London’s listing challenge
Revolut’s decision to pursue a dual listing would be closely watched in London, where policymakers have sought to attract fast-growing technology and financial companies to the stock exchange.
The company’s founder has previously criticised aspects of the London market, including stamp duty and the relative attractiveness of US exchanges. A dual listing could therefore represent a compromise between the company’s international ambitions and its UK roots.
For London, securing a listing would offer a prominent example of a home-grown fintech choosing to retain a domestic market presence while accessing US capital.
For Revolut, the choice is also strategic. A listing in New York could support its expansion in the US, while London would provide visibility among European investors and reinforce its position in the UK financial services industry.
Expansion in Switzerland
If Revolut manages to secure the approval from Switzerland’s Financial Market Supervisory Authority (Finma), the venture would be able to offer customers in the European country a broader range of services, including salary accounts, access to Swiss deposit insurance, and local IBAN account numbers.
The development would also make Revolut’s Swiss business the fourth standalone bank it operates in Europe, after Britain, Lithuania, and France, said Chief Commercial Officer David Tirado.
“This reflects the importance we give to this market,” he told Reuters.
Until now, fintech has been limited in Switzerland by the fact that it cannot offer salary accounts or investment accounts denominated in francs.
“In Switzerland, we have 1.3 million customers, which corresponds to a penetration of around 24%. In two to three years, we would expect to surpass 40%,” Tirado added further.
Revolut Bank UAB, licensed in Lithuania, operates in Switzerland and Germany. Over the next five years, the fintech giant is planning to invest over 150 million francs in the European country.
Julian Biegmann, Revolut’s general manager in Switzerland, stated that the workforce, currently around 30 employees, will triple by the end of 2027.
Risks ahead
The proposed listing would come with scrutiny of Revolut’s financial performance, regulatory record, and ability to sustain its valuation.
The company has faced questions over its risk-management systems and regulatory approvals in some markets. A recent data breach affecting hundreds of customers has also raised concerns about security and governance, according to Reuters and the Financial Times.
Investors will also need to assess whether Revolut’s rapid growth can translate into durable profitability as it takes on more traditional banking activities.
The dual-listing plan remains a reported intention rather than a completed transaction. The Reuters report has not announced a timetable, exchange structure, or offer size.
If it proceeds, however, Revolut’s IPO could become a landmark event for European fintech—testing whether a company built around digital banking can command the scale and investor interest traditionally associated with major financial institutions.