Revolut confirms US IPO preference and pushes listing timeline to 2028, dealing a fresh blow to London's ambitions to host the world's most valuable fintech
Revolut, the London-headquartered digital bank valued at around $45 billion at its last secondary funding round, has confirmed that its IPO (initial public offering — the process by which a private company first sells shares to public investors) is approximately two years away, with a US listing remaining the firm's stated preference. CEO Nikolay Storonsky has repeatedly cited greater liquidity on US exchanges, higher valuation multiples for technology companies, and the 0.5% stamp duty reserve tax on UK share dealings as reasons to favour New York over London. The timing is notable. In March 2026, Revolut received its full UK banking licence from the Prudential Regulation Authority (PRA) — the Bank of England's safety-focused regulatory arm — after an 18-month mobilisation phase, the longest such process in recent memory. Regulatory concerns centred on the company's global risk controls and anti-money laundering (AML) compliance. Despite Chancellor Rachel Reeves personally courting a London listing — including opening Revolut's Canary Wharf headquarters — the UK government has failed to shift Storonsky's preference. The UK government has introduced a three-year stamp duty exemption for newly listed companies, but City analysts have largely written off a primary London listing. Revolut holds banking licences in the UK, Lithuania (its EU banking hub), and Mexico, and serves more than 70 million customers across over 100 countries. The new two-year framing edges the IPO timeline toward 2028, making this a medium-term rather than imminent capital markets event — but one that will generate substantial advisory and underwriting mandates when it arrives.
Why this matters
Revolut's continued preference for a US listing crystallises a structural competitiveness problem for the London Stock Exchange: the world's most valuable European fintech, freshly licensed by the PRA, is likely to list in New York rather than London despite active government lobbying. The stamp duty reform and relaxed UK Listing Rules introduced in 2024 have not been sufficient to overcome the valuation premium and liquidity depth that US markets offer technology issuers. For capital markets lawyers, a Revolut IPO — whenever it arrives — will be one of the largest fintech listings in history, generating prospectus drafting, verification, underwriting agreement, and PDMR (persons discharging managerial responsibility — senior executives required to disclose share dealings) notification work across multiple jurisdictions. The UK regulatory angle (PRA banking licence conditions, FCA authorisation scope) will be a significant workstream regardless of listing venue.
On the Ground
A trainee on a deal of this type would assist with prospectus drafting and proofreading, coordinate verification notes (the process of sourcing documentary evidence for every factual statement in the prospectus), and prepare PDMR notification letters for executives participating in any share sale at IPO.
Interview prep
Soundbite
Revolut choosing New York over London shows stamp duty exemptions alone cannot close the valuation gap for tech unicorns.
Question you might get
“What specific features of the US capital markets make them more attractive than London for a high-growth fintech like Revolut, and what reforms could realistically change that calculus?”
Full answer
Revolut has confirmed a US IPO preference with a timeline pushing toward 2028, despite the UK government's active efforts to secure a London listing. The commercial implication for law firms is clear: the largest European fintech IPO in history will generate its primary underwriting and securities law mandates under US rather than English law, limiting the work available to Magic Circle and Silver Circle firms on the core transaction. This reflects a structural trend — the post-FTSE reform era has improved London's listing rules but has not resolved the deeper liquidity and valuation premium that US markets offer technology issuers at scale. The more interesting legal angle may be the ongoing PRA licence conditions and FCA regulatory obligations that Revolut must maintain regardless of listing venue, sustaining a parallel UK regulatory advisory stream.
My notes
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