In a bold move that could reshape the landscape of global stock markets, Revolut, one of Europe’s most formidable fintech giants, is contemplating a spectacular dual listing in both London and New York. This blockbuster initial public offering (IPO) would not only highlight Revolut’s meteoric rise but could also serve as a significant confidence boost for the United Kingdom’s financial hub, according to a report by the Sunday Times.
A Potential Game-Changer for the UK Market
Revolut’s possible dual listing is underpinned by a valuation that could reach an astronomical $75 billion. Should the company proceed, it would be a groundbreaking event, marking the first time a company has simultaneously listed in New York while joining London’s prestigious FTSE 100 index. Such a move would be a feather in the cap for London’s financial center, which has faced challenges in maintaining its status as a global financial powerhouse post-Brexit.
The UK government is keenly aware of the strategic importance of retaining and attracting high-profile listings. Recent legislative changes, introduced this month, aim to expedite the process for large firms to enter the FTSE 100, allowing them to do so within just five days of listing. This could potentially unlock substantial demand from index-tracking funds and enhance market liquidity, making London a more attractive venue for IPOs.
Revolut’s Meteoric Rise
Founded as a travel-focused prepaid card company, Revolut has evolved into a multifaceted financial services platform. Today, it boasts a global user base of 65 million, including a significant presence in the UK with 12 million users. The firm’s expansion has been nothing short of impressive, with services now spanning stock and crypto trading, hotel bookings, and business accounts.
Revolut’s growth trajectory has been supported by substantial fundraising efforts, amassing a total of $3.77 billion since its inception. Earlier this year, the company was reportedly seeking to raise an additional $1 billion, eyeing a valuation of $65 billion. The potential dual listing could provide a lucrative exit opportunity for early investors while fueling further expansion.
CEO Nik Storonsky’s Changing Views
At the helm of Revolut’s ambitious plans is CEO Nik Storonsky. Known for his candid opinions, Storonsky had previously dismissed the idea of listing in London, citing the UK’s 0.5% stamp duty on share trading as a deterrent. However, his stance appears to be evolving. At the inauguration of Revolut’s new headquarters in London last week, Storonsky referred to the UK as the company’s “home country,” signaling a shift in attitude.
Storonsky’s softened stance on London as a listing venue could be influenced by the recent regulatory changes designed to attract more high-profile IPOs. The presence of Chancellor Rachel Reeves and Revolut Chairman Martin Gilbert at the headquarters opening underscores the significance of the company’s commitment to the UK, further fueling speculation about a potential dual listing.
Balanced Perspectives on the Dual Listing
While a dual listing in London and New York could offer numerous benefits, it’s not without its challenges and risks. Listing on two major exchanges would subject Revolut to the regulatory scrutiny and compliance requirements of both the US and UK markets. This complexity could pose administrative and financial challenges for the company.
Moreover, the appetite for IPOs has been somewhat volatile, with market conditions fluctuating in response to global economic uncertainties. The success of such a listing would depend on investor sentiment and the broader economic environment at the time.
On the flip side, a successful dual listing could elevate Revolut’s brand profile and provide it with access to a more diverse investor base. The move could also set a precedent for other high-growth tech firms considering similar strategies, potentially reinvigorating London’s appeal as a destination for cutting-edge businesses.
The Road Ahead
As Revolut deliberates on its next steps, the financial world will be watching closely. The company’s decision could have far-reaching implications not only for its future trajectory but also for the standing of the UK as a competitive financial center on the global stage.
In the coming months, stakeholders and investors will be eager for further announcements from Revolut regarding its IPO plans. Whether the fintech titan opts for a dual listing or takes a different path, its actions are likely to leave a lasting imprint on the financial industry.
For now, the buzz around Revolut’s potential dual listing continues to ripple through the markets, with industry experts and analysts weighing in on the possible outcomes. As the story unfolds, one thing is certain: Revolut’s journey from a travel card startup to a global fintech powerhouse is a testament to the dynamic nature of the financial services industry.
In an era where innovation and adaptability are paramount, Revolut’s strategic decisions could serve as a blueprint for other aspiring tech giants navigating the complex terrain of public markets. Whether or not it ultimately opts for a dual listing, Revolut’s story is far from over, and its next chapter promises to be just as compelling.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
