Revolut has confirmed for the first time that it is exploring a dual stock market listing in New York and London.
Revolut founder Nik Storonsky said that the company wants any future listing to include the US, citing the market's liquidity and the scale of its institutional investor base. The comments mark the first public acknowledgement from Revolut that a dual listing on the Nasdaq and the London Stock Exchange is under consideration, rather than a US-only admission.
US market favoured for liquidity
According to the executive, the US offers a broader pool of buyers, including institutional investors, hedge funds, fund managers, and individual investors, compared with smaller markets where fewer participants would be competing for the company's shares. The executive said this dynamic was the primary reason for favouring the US as part of any listing plan, while confirming that a London Stock Exchange listing would run alongside it.
A London listing would place Revolut among the UK's largest publicly traded companies. The fintech was valued at approximately USD 115 billion in a recent private secondary share sale, a valuation that would exceed those of established London-listed firms such as Barclays, BP and GSK. The company has previously indicated that any listing would not take place before 2028.
Regulatory background and prior scepticism
According to Financial Times, Revolut's Nik Storonsky has previously expressed reservations about a London listing, pointing to the stamp duty charged to UK investors trading shares. In 2024, the executive said the London Stock Exchange could not compete with its US counterparts, having earlier stated in 2023 that a UK listing held little appeal.
The company has also been critical of UK regulators in the past. Revolut waited several years to receive a full UK banking licence, a process that involved addressing concerns around the adequacy of its risk and control functions.
Market position and wider implications
Since launching in 2015, Revolut has grown into an important European fintech by customer numbers, serving 80 million customers across around 30 countries. The scale of the business, combined with its valuation, means any listing decision carries significance beyond the company itself.
UK officials have been seeking to persuade Revolut to list domestically, as part of broader efforts to address a decline in new listings on the London Stock Exchange in recent years. A dual listing, rather than a US-only admission, would represent a partial outcome for those efforts, giving London exposure to the company's shares even if the primary listing venue is in the US.
