Revolut is weighing a dual listing on Nasdaq and the London Stock Exchange, co-founder and CEO Nik Storonsky said in a Sept. 17 interview with Les Echos.
Storonsky framed the U.S. market as the obvious choice for capital raising at Revolut's $115 billion valuation. "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 said. "Therefore, yes, we prefer the United States."
A London listing alone at that valuation would make Revolut one of Britain's largest public companies by market cap, ahead of BP and Barclays. But the dual structure would tap U.S. institutional investors, hedge funds and retail capital—the deeper liquidity pools Storonsky sees as necessary to anchor a fintech of that scale.
This marks the first time Revolut has publicly confirmed it is considering a public offering. Storonsky had previously signaled the company would not pursue a listing before 2028, leaving the timeline still undefined.
The listing consideration arrives as Revolut rapidly accumulates banking licenses. The company announced this week it obtained a banking license in Colombia, building on existing authorizations in the U.K. France, Australia, Lithuania and Mexico. In the U.S. Revolut holds conditional approval for a national bank charter from the Office of the Comptroller of the Currency. It also secured a payments license in the United Arab Emirates and an organization license from Peru's Superintendency of Banking, Insurance and AFP.
Those licenses are the economic moat Revolut is betting will justify its valuation to public markets. Each removes friction from cross-border payments and local deposit-taking, the core of its neobank business model.
The company is also managing a cybersecurity incident in which hackers posed as law enforcement to access customer information and subsequently demanded a $3 million cryptocurrency ransom. The incident underscores a vulnerability that extends beyond a company's own defenses into its network of trusted partners—a control challenge regulators will scrutinize as Revolut moves toward a public offering.
