Revolut Confirms Dual New York-London Listing Plan

What Storonsky told Les Echos

Revolut founder and chief executive Nik Storonsky has confirmed that the fintech is planning a dual stock market listing in New York and London, in an interview with French newspaper Les Echos 17. Storonsky's rationale was blunt: the US offers a far bigger pool of institutional investors, hedge funds, fund managers and retail buyers than Britain does, and he said he could not justify passing that up 18. "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. Therefore, yes, we prefer the United States," he told the paper, as relayed by City A.M. 8. Reuters picked up the confirmation but flagged that it had not independently verified the Les Echos interview 7.

This is not an IPO filing. Revolut remains privately held, has set no listing date, and Storonsky himself said in an April interview with Bloomberg that any public offering was still roughly two years away, pointing to 2028 rather than an imminent debut 1020. Forge Global's tracking of the company's private-market activity likewise notes that the timeline has already slipped from earlier 2026 expectations toward 2028, with both timing and eventual valuation still unsettled 11.

A valuation that keeps moving

The number attached to Revolut depends entirely on which point in its recent history is being cited. The company was valued around $45 billion in a 2024 secondary sale 1219, then $75 billion in a subsequent private transaction reported in September 2025 9131417. Forge Global and other tracking sources describe a further step-up to roughly $115 billion in a July 2026 secondary transaction, and to about $125.43 billion by mid-August 2026 based on private trading data 11. Separately, the Financial Times has reported an eventual IPO target in the $150 billion to $200 billion range, though that figure is described as aspirational rather than committed 1115. None of these are public-market prices; they reflect negotiated private share sales, which involve far less price discovery and disclosure than a listing would.

Why New York, why now

Storonsky's complaints about London are not new. In 2024 he called it "not rational" to list a company like Revolut's size in the UK, citing the market's inability to match US liquidity and specifically criticizing Britain's 0.5% stamp duty on share trades 8. That criticism has resurfaced repeatedly even as Revolut's UK ties have deepened — the company opened a new global headquarters in London and has called Britain its home market 91418.

The UK has responded with reforms aimed at retaining large listings. Chancellor Rachel Reeves announced a three-year stamp duty exemption for newly listed London shares in the government's autumn budget, explicitly to counter the drift of major companies toward New York 16. Separately, rule changes now allow companies of Revolut's size to be fast-tracked into the FTSE 100 within five days of listing, which would ease participation by index-tracking funds 91417. Coverage from Finance Magnates and The Paypers frames this as the reason a London component re-entered the conversation at all, alongside a high-profile transatlantic taskforce on dual listings announced during a state visit involving Reeves and US Treasury Secretary Scott Bessent, with Revolut chairman Martin Gilbert in attendance 14.

A bank, not just an app

The listing question sits alongside Revolut's transformation from a travel-card startup into a licensed, multinational bank. It secured a full UK banking licence in March 2026 after a multi-year wait, and has separately applied for a US national bank charter, which Storonsky said could take up to a year to secure, with an internal target of four months 1220. Revolut's own 2025 annual report shows the scale behind the ambition: 68.3 million retail customers, £4.5 billion in revenue (up 46%), £1.7 billion in pre-tax profit (up 57%), £50.2 billion in customer balances and £2.2 billion in loans outstanding, more than double the prior year 18. Reuters separately reported that 2024 profit had already surged 149% to £1.1 billion, driven partly by a crypto-trading boom in its "Wealth" segment 19. TechCrunch adds that net profit reached $1.7 billion on $6 billion of revenue in the year ended December 2025, with more than 68 million customers by year-end 15.

Where the reporting agrees

Across outlets, there is no real dispute about the core event: Storonsky, in an interview with Les Echos, confirmed Revolut is planning a dual New York-London listing, and that he personally prefers the US market for its liquidity and investor depth 178. There's also broad agreement that this remains a plan rather than a filed offering — no date, no prospectus, no locked-in valuation — and that Storonsky has previously put the IPO timeline at around two years out from his April remarks 101120. Coverage from Finance Magnates, The Paypers and Yahoo Finance converges on the same symbolic hook: a Revolut dual listing could make it the first company to join the FTSE 100 while simultaneously trading in New York 91417. And virtually every source agrees that UK stamp duty and shallow market liquidity have been Storonsky's recurring complaints, while recent UK reforms — the stamp duty holiday and fast-track FTSE 100 inclusion — are the specific developments cited for renewed London interest 9141617.

Where it doesn't

The clearest divergence is valuation, and it is a function of timing rather than contradiction. Reports anchored around September 2025 cite a $75 billion figure tied to that period's secondary share sale 9131417, while more recent tracking from Forge Global points to $115 billion from a July 2026 transaction and roughly $125 billion in subsequent private trading, with a $150–200 billion IPO target attributed to the Financial Times as an aspiration rather than a fact 11. Readers encountering only the September-dated stories would reasonably believe $75 billion is the current number; it is not, based on the later reporting.

There is also a framing gap on how central London actually is to the plan. City A.M.'s account leans hard into Storonsky's preference for the US, treating the London leg as something closer to appeasement of his home market 8. Finance Magnates and The Paypers, by contrast, foreground the idea that UK reforms have made London newly attractive and that Storonsky has "signaled openness" to it, giving London more narrative weight 91417. Both readings rely on the same quotes, but the emphasis differs meaningfully — one treats London as an afterthought, the other as a genuine reconsideration.

Finally, Reuters' explicit caveat that it could not independently verify the Les Echos interview is notable because most other outlets simply repeat the confirmation as settled fact without that qualifier 7. That is a meaningful methodological difference even though no outlet disputes what Storonsky actually said.

The likely reading

Taken together, the evidence supports a narrower conclusion than "Revolut is going public." What's confirmed is Storonsky's preferred structure — New York plus London — and his clear preference for US liquidity, a position he has held consistently since at least 2024. What isn't confirmed is a date, a valuation, or even certainty that London's improved listing environment will be enough to secure a meaningful role rather than a symbolic one. Given Revolut's profitability and its demonstrated willingness to keep raising money privately every year or two rather than rush to market, the company has little incentive to list before conditions — regulatory, valuation and market sentiment — favor it. The 2028 timeline Storonsky himself floated remains the most concrete data point in an otherwise fluid story.