Revolut considers dual listing in New York and London

Revolut has confirmed for the first time that it is considering a dual stock market listing in New York and London. The company is evaluating a structure that could include both Nasdaq and the London Stock Exchange.

Founder Nik Storonsky said any future listing should include the US, pointing to the depth of the market, its liquidity and the size of the institutional investor base. The comments mark the first public confirmation that Revolut is considering a dual listing rather than a US-only admission.

US market remains central to Revolut's listing plans

According to Storonsky, the US market offers a wider pool of potential buyers, including institutional investors, hedge funds, asset managers and retail investors. He said this creates stronger demand dynamics than in smaller markets with fewer participants competing for shares.

For that reason, Revolut sees the US as an important part of any future listing strategy. At the same time, the company is considering a London Stock Exchange listing alongside the US market.

A London listing would place Revolut among the UK's largest public companies

Revolut was valued at around USD 115 billion in a recent private secondary share sale. At that level, the company would rank above several established London-listed businesses by market value, including Barclays, BP and GSK.

The fintech has previously indicated that an IPO would not take place before 2028. Any dual listing would therefore form part of a longer-term capital markets strategy rather than an immediate transaction.

Revolut has previously questioned London's competitiveness

According to the Financial Times, Storonsky has previously expressed doubts about a London listing. He pointed in particular to stamp duty paid by UK investors when trading shares.

In 2024, Storonsky said the London Stock Exchange could not compete with its US counterparts. A year earlier, he had also said that a UK listing had limited appeal for the company.

Regulatory history has also shaped Revolut's relationship with the UK

Revolut has previously been critical of the UK regulatory environment. The company waited several years to receive a full UK banking licence, during a process that included regulatory scrutiny of its risk management and control functions.

The regulatory approval process became an important part of Revolut's wider expansion in the UK, where the company has built one of its largest customer bases.

Revolut now serves 80 million customers

Since launching in 2015, Revolut has grown into one of Europe's largest fintech companies by customer numbers. It now serves around 80 million customers across approximately 30 countries.

The size of the business and its latest private valuation mean that any future listing would be significant for both the company and the European fintech market.

A dual listing would give London partial exposure to Revolut's IPO

UK officials have been encouraging Revolut to list domestically as part of wider efforts to reverse the decline in new listings on the London Stock Exchange. A dual listing could therefore give London access to Revolut shares even if the US became the primary venue.

For Revolut, the structure would combine access to deeper US capital markets with continued exposure to the UK market, where the company has a significant operational presence.