▼ Summary
– Revolut’s CEO has narrowed the company’s IPO timeline to approximately two years, a slight tightening from a previous estimate of two to three years.
– The company recently obtained its full UK banking license, resolving a major structural gap that had previously made it a less credible IPO candidate.
– Revolut has applied for a US banking charter, which is critical for offering competitive credit products and scaling in the American market.
– The company’s strong financial performance, including projected 2026 revenue of $9 billion, supports the plausibility of the two-year IPO window.
– While the UK government has tried to court a London listing, Revolut’s stated preference remains a US IPO, driven by factors like market liquidity and valuation multiples.
Revolut’s path to a public offering has grown significantly clearer, with CEO Nik Storonsky now indicating a US IPO is roughly two years away. This updated timeline refines his earlier estimate from late 2025, which suggested a listing was two to three years out and not an immediate priority. The shift points toward a potential public debut in 2028 and underscores the company’s strategic focus on the American market.
Two major regulatory advancements have solidified this timeline. First, Revolut secured its full UK banking licence from the Prudential Regulation Authority in March 2026. This concluded an arduous 18-month process, delayed by scrutiny of the firm’s global risk and anti-money laundering compliance. The licence grants UK depositors protection under the Financial Services Compensation Scheme and allows Revolut to offer consumer credit products. For potential investors, this move resolves a critical structural concern that had clouded the company’s IPO credibility.
Concurrently, the fintech giant filed an application for a US national bank charter with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. To lead this charge, Revolut appointed Cetin Duransoy, a former Visa senior executive, as its US CEO. Storonsky has been candid about the necessity of this licence, noting that the American financial landscape is driven by credit cards. Without a charter, Revolut cannot offer competitive credit products or earn meaningful interchange fees, limiting its growth potential in the world’s largest economy.
The company’s financial performance makes a near-term IPO plausible. In 2024, Revolut generated $4 billion in revenue and $1.4 billion in pre-tax profit, representing year-on-year increases of 72% and 149%, respectively. Management has projected even more striking figures for 2026, forecasting $9 billion in revenue and $3.5 billion in net profit. Such results would position Revolut among the world’s most profitable fintechs. The firm now serves over 70 million customers globally and holds banking licences in key jurisdictions including Lithuania, the UK, and Mexico.
The preferred location for the listing remains a sensitive topic, particularly for UK authorities. Storonsky has consistently favored New York, citing deeper market liquidity, higher valuation multiples for tech firms, and the avoidance of the UK’s 0.5% stamp duty on share transactions. Although Chancellor Rachel Reeves has personally advocated for a London listing, even opening Revolut’s Canary Wharf headquarters, her efforts face significant headwinds. The Bank of England’s Governor reportedly declined to attend a related meeting over concerns about political influence on regulation. A new three-year stamp duty exemption for listings has done little to change the prevailing expectation of a US flotation.
Revolut’s valuation trajectory adds another layer of complexity. A secondary share sale in November 2025, involving major funds like Coatue and Fidelity, valued the company at $75 billion. Reports suggest another secondary transaction is being considered for late 2026, which could push the valuation past the $100 billion mark. According to people familiar with the matter, the internal target for an IPO is at least $150 billion, a figure that would eclipse the combined market value of several major European banks. Storonsky, who owns about 29% of Revolut, has a performance-based incentive package modeled on Elon Musk’s Tesla agreement, granting him additional shares if the company reaches a $200 billion valuation.
(Source: The Next Web)
