Revolut will not go public before 2028. Nik Storonsky has ruled out a listing in the near term, explaining that for banks, trust in being a public company is critically important.
The Company Is Seeking Banking Status in the U.S.
While investors wait for the IPO, the company is expanding in the U.S. Revolut has applied for a banking license, which would give it direct access to Federal Reserve payment systems, as well as the ability to issue consumer loans and credit cards. Internally, the company is targeting approval within four months, although the formal process could take up to a year.
“Conditions for obtaining a license are now significantly better than they were two years ago: the new U.S. administration is more supportive, and the company already holds banking licenses in other jurisdictions, including a U.K. license it received in March,” Storonsky said.
Revolut has been operating in the U.S. since 2020 through partner banks. The company first discussed applying for its own license back in 2021, but put that plan on hold while awaiting regulatory approval in the U.K.
The Secondary Market Will Temporarily Replace the IPO
Before the IPO, Revolut plans to hold one or more additional secondary share sales — the company typically does this every one to two years. These deals provide liquidity for early investors and employees while allowing Revolut to stay private for longer. According to Bloomberg, a new secondary sale could happen as early as this year.
The company’s valuation has risen over the past year from $45 B to $75 B — that was the valuation set in the November deal. Revolut’s shareholders include Nvidia and Coatue Management.