Revolut is aiming for a valuation of up to $200 billion (€1.7 billion) in a stock market listing, according to investors briefed by the fintech on its plans for a bumper flotation that would make its founder one of the world’s richest people.
The London-based group, which was granted a full UK banking licence last month after a four-year wait, has indicated that it will not seek a listing before 2028.
But investors and people at the bank told the FT executives at the company had discussed internally and with some of its backers a target valuation of $150 billion to $200 billion.
A person close to the company said that no formal valuation target had been established. Revolut declined to comment.
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Revolut founder Nik Storonsky said this week that Revolut would IPO in 2028 at the earliest, reiterating previous comments by the bank’s UK boss, but indicated the bank’s desire to publicly list its shares.
“We’re a bank, and for a bank, it’s super important to have trust. Public companies are trusted more compared to private companies,” Storonsky said in a Bloomberg interview with David Rubenstein, chair of the private equity group Carlyle.
Hitting the bumper valuation would unlock an Elon Musk-style award for Storonsky, the FT previously reported.
Under a long-standing agreement Storonsky’s stake in the business will increase by several percentage points if Revolut clinches a $150 billion valuation.
Storonsky explained in a Russian language interview in December that his incentive package would entitle him to hold about 40 per cent of the company if it reached a $200 billion valuation. That would value his stake at about $80 billion.
A valuation of $150 billion to $200 billion would require a continuation of the company’s rapid expansion. Its last funding round in November valued the group at $75 billion, up from $45 billion in 2024, and added new backers including chipmaker Nvidia.
In the shorter term, Revolut is preparing for a fresh secondary share sale to allow its backers – which include venture capital firms Balderton Capital and Index Ventures – to cash out part of their stakes, which have soared in value as the company has grown.
People familiar with the matter said that the group was laying the groundwork for a secondary share sale in the second half of the year, which they expected would value the company at more than $100 billion.
Since its launch in 2015 Revolut has become Europe’s most valuable start-up. Last year the group’s pretax profits rose 57 per cent to £1.7 billion on £4.5 billion of revenue. The profit jump came because of a 67 per cent boost in revenues from users subscribing to its premium services.
Investors see the fintech’s receipt of a full UK banking licence as vital to its growth strategy.
The permit will allow Revolut to take customer deposits directly, which it can then use to offer loans; crucial in its efforts to break into lucrative markets dominated by banks. Executives also believe that winning a licence from its home regulator will boost its chances of gaining accreditation in other countries. Revolut applied for a US banking licence last month. – Copyright The Financial Times Limited 2026
