According to recent reports, Revolut is indeed considering a landmark dual listing in both London and New York, which could value the financial technology company at approximately $75 billion.
This potential move is being widely discussed in financial circles and represents a significant shift in strategy for the Europe’s most valuable private fintech.
Context and Impact
Revolut’s valuation has jumped sharply to $75 billion, up from $45 billion in 2024, cementing its status as one of the world’s most valuable fintechs. This valuation was set through a secondary share sale that also allows employees to sell up to 20% of their holdings, providing early liquidity.
A key factor in the potential dual listing is a change in leadership’s stance. CEO Nik Storonsky had previously favored a US-only listing but now refers to the UK as “our home country,” signaling a new openness to London. This shift is partly due to recent UK regulatory reforms that allow large companies like Revolut to enter the FTSE 100 index within days of listing, which would unlock investment from index-tracking funds.
Implications and Next Steps
The planned IPO has broad implications for the company and the market.
For adoption and liquidity, a dual listing would be a historic event, making Revolut the first company to simultaneously list in New York and join London’s FTSE 100 index. This provides access to the world’s deepest capital pools and would significantly raise the company’s profile.
A major regulatory risk and prerequisite for the IPO is Revolut obtaining a full UK banking license, a process that has been ongoing for some time. Furthermore, managing listings in two major jurisdictions will double the compliance and audit workload.
Regarding staff incentives, the ongoing secondary share sale rewards employees by allowing them to cash in on some of their holdings. While this provides a welcome payout, it can also reduce the equity that keeps key talent tied to the company long-term.
The final valuation and timing remain ambitious. While the current paper value is $75 billion, the company’s internal target for its IPO is reportedly $150 billion. Achieving this will depend heavily on market sentiment and the company’s ability to execute its plans.
The Revolut IPO is a developing story, and the key signals to watch are the outcome of the employee share sale, the granting of a full UK banking license, and the official filing of its listing intentions.
