Revolut Considers Dual London–New York Listing as IPO Plans Take Shape

September 18, 2026 • FinTech News

Revolut is considering a dual stock market listing in London and New York, giving the UK fintech a potential route to tap both the London Stock Exchange and the deeper U.S. capital markets when it eventually goes public.

Revolut co-founder and CEO Nik Storonsky confirmed the possibility in an interview with French newspaper Les Echos. He said the company currently prefers the United States because of its much larger pool of institutional investors, fund managers, hedge funds, and individual investors, but that a listing in both markets remains under consideration.

The comments offer the clearest indication yet that Revolut is not ruling out London for its eventual initial public offering. The company has previously pointed towards 2028 at the earliest for an IPO, meaning there is still considerable time before a final listing structure or exchange is chosen.

For London, the possibility is particularly significant. The UK market has been trying to attract more large technology and financial companies to list domestically, while several British businesses have chosen New York because of its larger investor base and stronger liquidity.

Revolut’s eventual decision could therefore become an important test of whether London’s public markets can retain one of the country’s most valuable private fintech companies.

Revolut Puts New York Ahead, But Keeps London on the Table

Storonsky’s preference for the United States is based largely on the scale of the investor base.

Speaking to Les Echos, he argued that the U.S. market offers access to a much broader group of potential shareholders, including major institutional investors, hedge funds, asset managers, and retail investors. That depth, he suggested, would give Revolut more competition among investors for its shares.

That does not mean London has been ruled out.

Instead, the company is considering a structure that would allow it to list on Nasdaq and the London Stock Exchange, potentially giving Revolut access to U.S. capital while retaining a substantial presence in the market where the company was founded and is headquartered.

The distinction is important because Storonsky has been openly critical of London’s market in the past. In 2024, he questioned whether the London Stock Exchange could compete effectively with the United States for high-growth technology companies.

The latest comments suggest the company’s position has become more nuanced. London may not be its preferred primary market, but it is no longer being treated as an obvious non-option.

Revolut’s Valuation Has Changed the IPO Conversation

Revolut is entering the discussion with a much larger private-market valuation than it had a year ago.

In July 2026, a secondary share sale valued the company at around $115 billion, according to Reuters. The transaction priced Revolut shares at $2,017 and represented an increase of more than 50% from the $75 billion valuation reached in its previous secondary transaction.

A secondary share sale is different from an IPO because it allows existing shareholders or employees to sell shares without the company itself becoming publicly traded.

But the valuation provides an important reference point ahead of any eventual listing.

At $115 billion, Revolut would enter the public-market conversation as a very large financial company rather than a conventional early-stage fintech. That raises the stakes around where it lists, how investors value it, and which shareholder base it wants to attract.

The Financial Times reported that Revolut’s current $115 billion private valuation would place it among the largest companies in the UK if that valuation were reflected in a public market.

IPO Still Appears to Be Years Away

Despite the renewed attention, Revolut is not preparing to float immediately.

Storonsky said in an interview earlier this year that an IPO was approximately two years away, which pointed toward 2028. He also explained that becoming a public company is important for a bank because public markets can provide another layer of trust and transparency.

The latest comments do not change that timeline.

Instead, they provide more detail about how Revolut is thinking about the eventual transaction.

There is still no confirmed IPO date, no final exchange decision, and no formal announcement of a dual-listing structure.

Market conditions will also matter.

Storonsky has previously indicated that Revolut would consider the state of financial markets when deciding when to proceed. That gives the company flexibility to wait rather than launch simply because a target year has been identified.

For a business operating at Revolut’s scale, that flexibility is important. A public offering would require the company to meet market expectations around growth, profitability, governance, reporting, and regulatory oversight.

Why the U.S. Market Appeals to Revolut

The attraction of the U.S. market is not unique to Revolut.

American exchanges offer access to a huge pool of institutional capital, technology-focused investors, and retail shareholders. Nasdaq in particular has become a major destination for high-growth technology companies.

Storonsky’s comments suggest Revolut believes that investor depth could help create stronger demand for its shares when it eventually goes public.

There is also a strategic reason for Revolut to build a stronger U.S. story before an IPO.

The company has been investing heavily in the American market and has applied for a U.S. national banking charter. It received conditional approval from the U.S. Office of the Comptroller of the Currency earlier this month, adding another piece to its expansion strategy.

The U.S. therefore represents both a potential listing market and an important growth market for Revolut’s underlying business.

That combination could make a Nasdaq listing particularly attractive if the company can continue building its customer base and product offering in America.

London Still Has a Strategic Role

Even with the U.S. preference, London remains important to Revolut.

The company is headquartered in the UK, operates a large local workforce, and received its full UK banking licence in March 2026. The license allows Revolut Bank UK to operate as a fully authorized bank under the supervision of the Prudential Regulation Authority and Financial Conduct Authority.

Revolut’s 2025 annual report also highlighted its long-term UK commitment, including a new global headquarters in London and a pledge to invest £3 billion in the UK and create 1,000 high-skilled jobs.

A London listing would therefore connect Revolut’s public-market identity more directly to the country where much of its business and corporate infrastructure is based.

It could also give UK investors direct access to one of the country’s most prominent fintech companies.

That is important for the London market, which has faced concerns about the declining number of major technology and high-growth companies choosing domestic listings.

Revolut Has Become Much More Than a Fintech App

The potential IPO comes at a major stage in Revolut’s evolution.

Founded in 2015 as a digital financial services business, the company has expanded into banking, payments, foreign exchange, cards, investing, crypto, and business banking.

Its 2025 annual report says Revolut had more than 80 million retail customers worldwide and was adding around one million customers every 17 days based on end-2025 figures.

The company is also becoming more deeply embedded in traditional banking.

Its UK banking licence gives it the ability to offer regulated banking products locally, while its French banking licence supports further expansion across Western Europe. Revolut has also secured a banking license in Colombia and continues to pursue regulatory approvals in other major markets.

That expansion changes the nature of the IPO story.

Revolut is no longer pitching itself simply as a challenger to traditional banks. It is increasingly building a full-service banking operation across multiple jurisdictions.

A public listing would give investors an opportunity to value that broader business.

The Capital Markets Question Is Becoming More Important

The decision between London and New York is ultimately about more than geography.

It is about who Revolut wants as shareholders, how much liquidity it wants, how investors value the company, and how it positions itself for the next stage of growth.

A dual listing could potentially give Revolut access to both markets, although maintaining listings across two exchanges can also introduce additional reporting, compliance, and administrative requirements.

A single U.S. listing would provide access to the investor pool Storonsky currently prefers.

A London listing would reinforce Revolut’s British identity and give the UK market a major technology and financial-services flotation.

The eventual choice will depend on market conditions, investor demand, and Revolut’s priorities closer to the IPO.

Revolut’s Growth Story Will Matter More Than the Exchange

Whatever exchange Revolut chooses, investors will ultimately have to assess the business itself.

The company has been growing rapidly, but the transition from private fintech to a publicly listed bank brings a different set of expectations.

Investors will want to understand how much of Revolut’s revenue comes from subscriptions, payments, foreign exchange, cards, lending, and other services. They will also need to evaluate how the business performs as Revolut expands deeper into traditional banking.

Reuters has highlighted that the company is moving toward a more conventional banking model while still relying heavily on fee-based revenue. That transition could become an important part of the public-market story.

Revolut’s ability to maintain growth while building a more diversified banking business may ultimately matter more to investors than whether the first trading venue is London or New York.

What Happens Next

For now, Revolut remains private.

The latest comments from Storonsky provide an indication of the company’s thinking rather than a formal IPO timetable.

The key milestones to watch are likely to include further U.S. expansion, continued growth in Revolut’s banking operations, any additional private-market share sales, and eventually the appointment of banks to manage the IPO.

The company’s private valuation will also continue to attract attention. The $115 billion valuation from July’s secondary sale provides the latest major reference point, although the eventual IPO price and market capitalization could be very different.

For London, the possibility of a dual listing keeps open the prospect of a major domestic fintech flotation.

For New York, Revolut represents another fast-growing financial technology business seeking access to the deeper U.S. capital markets.

And for Revolut itself, the decision will be about finding the public-market structure that best supports its next phase of global banking expansion.

TheFinRate Take

Revolut’s latest IPO comments are less about announcing a listing and more about revealing how the company is thinking about its future.

London and New York are both under consideration, but the U.S. remains the preferred market for CEO Nik Storonsky because of its larger and deeper investor base.

That preference is understandable given Revolut’s growing U.S. ambitions and its recent private valuation of $115 billion.

But keeping London in the conversation matters.

Revolut was founded and built in the UK, now operates as a fully licensed British bank, and has committed significant investment to the country.

The eventual IPO is still expected no earlier than 2028, and much can change before then.

What is becoming clear is that Revolut wants its public-market debut to match the scale of the business it is becoming: a global bank with roots in London and ambitions that increasingly extend into the world’s deepest capital market.