Revolut, Britain's most valuable private company, has signalled it may list its shares on both the London Stock Exchange and the Nasdaq when it eventually goes public. Founder and chief executive Nik Storonsky told French newspaper Les Echos on Thursday that the fintech is weighing a dual listing, confirming earlier media reports. A company spokesperson verified the account to Euronews.
Storonsky has long preferred the United States, and he was blunt about the rationale. "It's a larger market. It includes institutional investors, hedge funds, fund managers and a considerable number of individual investors," he said. "So we have the choice between selling in a small market with few buyers, or in a gigantic market with a huge number of buyers who will compete fiercely for our shares."
The comments mark a notable softening from his previous stance. In 2024, Storonsky argued that the London Stock Exchange could not compete with American venues, pointing to thin liquidity and the UK's 0.5% stamp duty on share purchases. At the time, he appeared to rule out a domestic listing altogether.
The London exchange has suffered a prolonged drought of new listings, with companies either staying private or heading west. Payments group Wise moved its primary listing to New York this year, and AstraZeneca has expanded its US presence. A dual listing would allow Revolut to keep a foothold at home while tapping into the deeper American capital pool.
A potential heavyweight
If Revolut goes public at anything near its current valuation, it would become one of Britain's largest listed companies, potentially worth more than Barclays or NatWest. A secondary share sale in July valued the business at roughly $115 billion (€100 billion), up from $75 billion (€65 billion) in November.
No date has been set for the IPO. When asked about internal discussions on a timeline, the spokesperson declined to comment but pointed to an April interview with Bloomberg in which Storonsky said, "in two years time, but it depends on how good the market is."
The company has spent this year building the regulatory foundations a listing will require. It secured a full UK banking licence in March after a long wait that Storonsky has publicly blamed on British regulators. It obtained a French licence in August, received conditional approval for a US national bank charter this month, and announced on Wednesday that it had applied for a Swiss licence alongside plans to invest more than 150 million Swiss francs (€158 million) there.
The dual-listing consideration comes amid broader scrutiny of Revolut's operations. Earlier this year, the company disclosed a data breach that exposed 680 customers via fake government emails, a reminder of the security challenges facing fast-growing fintechs.
For London, a Revolut listing would be a rare bright spot in a struggling IPO market. The city has watched several high-profile tech firms choose New York, and a dual listing could signal that the UK capital still holds appeal for its most successful startups. Whether that will be enough to reverse the trend remains to be seen.
