Revolut, the London-based fintech behemoth valued at $33 billion, is planning to list on the London Stock Exchange by 2027. Sources close to the company confirm that founder Nik Storonsky has signalled a preference for a London listing, despite the exodus of tech firms to New York.
The news comes as a much-needed boost for the City. London has struggled to retain high-growth companies. Deliveroo’s lacklustre debut in 2021 dealt a blow, and Arm chose Nasdaq over London last year. But Revolut, which has 35 million customers worldwide, may represent a turning point.
The company has been preparing for an IPO for years. It secured a UK banking licence in July 2024, a crucial step. This allows it to offer lending and deposit services directly, diversifying revenue beyond foreign exchange and card fees. Banking analysts say this makes Revolut a more conventional, and therefore safer, bet for institutional investors.
However, challenges remain. Revolut’s long-awaited audit by BDO has yet to be published. For 2023, the audit was delayed, raising questions about governance. A source familiar says the 2024 accounts are on track, but the company must demonstrate transparency to attract pension funds.
The regulatory environment is another factor. The Financial Conduct Authority has been tough on fintechs, but the government is pushing for reform. Chancellor Rachel Reeves has promised to make the UK more competitive for listings. Revolut’s IPO could be a test case.
Investor sentiment is cautious but optimistic. “Revolut is a household name with real revenues,” says a City fund manager. “But it needs to show it can grow without sacrificing compliance.” The company turned profitable in 2023, with pre-tax profits of £438 million, but cost of compliance is rising.
Another question is valuation. At $33 billion, Revolut would be one of the largest London floats ever. Some analysts argue that’s ambitious given the market’s current appetite. One banker told me: “They’ll need to convince investors the model is sustainable, not just a pandemic winning streak.”
Revolut’s expansion into crypto and wealth management adds both risk and reward. The company launched a crypto trading platform and acquired a Czech bank. These moves broaden its revenue base but also invite regulatory scrutiny.
For London, the stakes are high. A successful Revolut IPO would signal that the City can still attract fintech unicorns. A flop would confirm fears that Europe’s brightest startups are looking elsewhere. The 2027 timeline gives both sides time to prepare.
Revolut declined to comment on specifics, but a spokesperson said: “London has always been our home. We are committed to the UK market.” The next three years will reveal if that commitment extends to a listing.
In the background, rival Monzo and Starling are also eyeing goes public. Revolut’s decision may set a trend. For now, the fintech world watches and waits.
