Revolut CEO Nik Storonsky says the fintech is exploring a dual stock market listing in NYC and London, after previously being dismissive about listing in the UK
Fintech's chief executive says US market offers greater liquidity and more institutional investors — Revolut founder Nik Storonsky …
Context & Ripple Effects
Revolut has been building toward a public-market event rather than an immediate flotation: an April report put its earliest IPO in 2028 and cited a $150 billion-to-$200 billion valuation ambition, while a June report described a secondary sale at a $115 billion valuation after UK licensing progress and a US charter application.
The proposed venue mix makes the listing strategy part of that capital-markets positioning. Revolut had also been expanding its UK investing product through planned access to UK shares, giving London relevance beyond its operating footprint even as Storonsky points to deeper US institutional demand.
First-order effects
- Revolut can pitch a future flotation to US institutions seeking liquidity while preserving a London trading line for UK-market investors, rather than choosing one investor base over the other.
- The exploration keeps an IPO optionality narrative active alongside the reported secondary-sale route, without committing Revolut to the 2028 timetable outlined earlier.
Second-order effects
- New York and London become competing components of Revolut's valuation case: US liquidity is the stated draw, while a London line would retain a role for the company’s UK shareholder access.
- A dual-venue structure raises the importance of cross-market trading liquidity, making investor participation—not simply the headline listing venue—a central measure of the offering’s appeal.
Third-order effects
- If high-value fintechs increasingly seek both US institutional depth and UK market access, London’s competitiveness will depend less on winning exclusive listings and more on supporting liquid international trading structures.
- The episode belongs to a broader financing pattern in which late-stage private valuations, secondary sales, and listing-location choices are managed together before a company fixes an IPO date.
The trend: Fintechs approaching public markets are treating listing venue as a liquidity-and-investor-access decision, not merely a company domicile choice.