Revolut Plans Dual London, Nasdaq Listing: Storonsky
▼ Summary
– Revolut founder Nik Storonsky announced plans for a dual listing on the London Stock Exchange and Nasdaq, marking a shift from his previous stance against UK markets.
– The company was valued at $115bn in July, and a listing at this level would position Revolut as one of Britain’s largest publicly traded firms.
– Storonsky previously criticized the London market due to stamp duty and lower liquidity compared to the US, but changing circumstances have influenced this new strategy.
– Revolut recently secured a French banking license to serve as the base for its European expansion, which accounts for over 30 million of its 70 million global customers.
– Despite considering London, Storonsky maintains a preference for the United States due to its larger market size and strong retail investor base.
Nik Storonsky, the founder of fintech giant Revolut, has revealed that the company is actively pursuing a dual listing on both the London Stock Exchange and the Nasdaq. This strategic shift marks a significant reversal for a leader who spent years criticizing the UK market. Speaking to Les Echos during a visit to Paris, Storonsky confirmed the dual-track approach, stating:
“In reality, we are currently planning a dual listing, on the London Stock Exchange and the Nasdaq.”
This announcement carries substantial weight given Revolut’s recent valuation. The company reached a staggering $115bn worth in a secondary share sale this past July, up from $75bn in November 2025. A public float at this level would instantly position Revolut as one of the largest listed companies in Britain, potentially offering a much-needed boost to the local exchange’s struggling IPO pipeline.
A Reversal on Stamp Duty Concerns
The decision to target London represents a stark contrast to Storonsky’s stance just two years ago. In 2024, he was openly dismissive of the UK market, arguing that it could not compete with the United States due to structural disadvantages. His primary objection centered on the stamp duty, a 0.5% tax levied on share purchases in the UK. At the time, he argued that this fee made a London listing economically irrational compared to US exchanges.
“The UK is less liquid so it’s much worse compared to the US plus it’s much more expensive because you pay stamp duty,” he said previously. He called listing in Britain “just not rational”.
While the stamp duty remains in place, the calculus appears to have changed. The sheer size of Revolut and the current state of the market may now outweigh the costs that once seemed prohibitive. For the London Stock Exchange, securing a major tech flagship like Revolut would be a critical victory after a prolonged drought of high-profile listings.
Competing for European Dominance
Storonsky’s presence in Paris was driven by more than just stock market logistics. Revolut recently secured a French banking licence, positioning France as a key hub for its European expansion. With 70 million customers globally, including over 30 million in Europe, the company is aggressively expanding its regulatory footprint.
However, the French licence comes with caveats. European authorities have imposed conditions before Revolut can offer mortgage lending, indicating that full operational scope is still being negotiated. This follows a broader trend of Revolut acquiring banking licenses across different jurisdictions. Last week, it obtained its sixth banking licence in Colombia, having already secured a full UK banking licence in March after applying in 2021.
The move to list in London also serves as a counter-narrative to competitors like Wise, which abandoned the UK market entirely to list on Nasdaq earlier this year. AstraZeneca has similarly expanded its New York presence while retaining its FTSE 100 status. A partial or dual listing for Revolut could signal a turning point for London’s appeal to large-cap technology firms.
Why New York Remains Preferred
Despite the pivot toward London, Storonsky remains unequivocal about his preference for the American market. He emphasized the sheer scale of liquidity available in the US, describing it as a choice between a small market with few buyers and a gigantic one with fierce competition for shares.
“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,” he told Les Echos. “Therefore, yes, we prefer the United States.”
He also highlighted the retail advantage of a strong consumer brand in the US, noting that individual customer investment helps lift market capitalization. The venue he specified for this preferred listing is Nasdaq, the same exchange that attracted Wise away from London.
Timeline and Market Conditions
No specific date has been set for the listing process. Earlier this year, Storonsky indicated that an IPO would not occur before 2028. By April, he estimated the timeline at roughly two years, contingent on favorable market conditions. A source close to Revolut reiterated to The Telegraph that any float would remain subject to market dynamics, a stance unchanged by this week’s interview.
Preparations are already underway behind the scenes. In August, Revolut enabled Storonsky to borrow against his own shares, allowing him to access up to $250mn. While the company was founded in London in 2013 and operates out of Canary Wharf, Storonsky has frequently criticized British regulators as bureaucratic, suggesting that doing business in the UK remains challenging despite the new listing ambitions.
(Source: The Next Web)
