In a significant development for Europe's financial technology sector, Revolut founder and CEO Nik Storonsky has definitively ruled out a public listing for the digital banking giant for the next two years. This announcement extends the Treasury's timeline to secure one of the continent's most eagerly anticipated initial public offerings.
Public Trust and Strategic Timing
Speaking candidly on Bloomberg TV, Storonsky emphasized the importance of public trust for banking institutions. "We're a bank, and for a bank, it's super important to have trust. Public companies are trusted more compared to private companies," he stated, explaining the rationale behind the delayed public debut.
The straight-talking executive confirmed that Revolut's IPO remains "two years away," setting a tentative timeline that would place the blockbuster listing around 2028. This extended timeframe provides Chancellor Rachel Reeves with additional opportunity to persuade the fintech unicorn to choose London for its public market debut.
Valuation Growth Through Secondary Sales
Instead of rushing to public markets, Revolut is expected to continue pursuing secondary share sales to enhance its valuation before an eventual listing. The company solidified its position last year with a remarkable $75 billion valuation following a secondary share sale that attracted investment from technology heavyweight Nvidia through its venture capital division, NVentures.
Will Mahon-Heap, Revolut's former head of international and authorizations, offered an optimistic projection in an exclusive interview with City AM. "I think it will IPO at a much higher price than the $100 billion," he predicted, adding that market conditions could potentially drive the valuation to $200 billion within the next year.
London Versus Wall Street Competition
The delayed IPO timeline represents both an opportunity and a challenge for the Treasury's efforts to revitalize London's financial markets. Reeves has implemented aggressive policies through the Financial Services Growth and Competitiveness Strategy, launched last July, designed to create a more favorable regulatory environment for scaling fintech firms.
However, Storonsky has previously expressed a clear preference for a United States listing, noting in December that Wall Street would be "clearly more beneficial" due to its "greater liquidity." This position presents a substantial obstacle to the Treasury's charm offensive aimed at keeping Revolut within the UK financial ecosystem.
Regulatory Challenges and US Expansion
The CEO has been vocal about his frustrations with UK regulatory processes, criticizing what he describes as "extreme bureaucracy" within the British system. This week, as part of UK fintech week, Treasury officials and regulators are scheduled to meet with numerous fintech unicorns during key lobbying summits, potentially addressing these concerns.
Meanwhile, Revolut has launched its second attempt to penetrate the United States market, applying for a US banking charter earlier this year. Storonsky revealed that the company's "official target" for securing this crucial permit is four months, citing advantages including the new administration and Revolut's existing banking licenses in the UK and other jurisdictions.
Broader Fintech Landscape
Revolut's strategic moves occur within a dynamic fintech environment where multiple digital banking and financial technology firms are pursuing US market access. Europe's second-largest neobank, Bunq, which serves over 20 million customers, initiated its own application for a US permit at the beginning of the year.
This trend follows deregulation reforms implemented during the Trump administration, creating new opportunities for international fintech expansion. Major players including PayPal, Brazilian fintech Nubank, and cryptocurrency giant Coinbase all submitted applications for US banking charters in 2025, indicating a significant shift in global financial technology competition.
The extended timeline for Revolut's public offering ensures that the battle for this prestigious listing will continue to intensify between London and New York financial centers, with implications for the broader European fintech ecosystem and the UK's position as a global financial hub.
