Revolut IPO: Date, Valuation and What to Expect

The Revolut IPO finally has the outline of a timetable. In April 2026, founder and chief executive Nik Storonsky told Bloomberg that a listing is roughly two years away — pointing to 2028 — and investors briefed on the plans say the fintech is targeting a valuation of $150–200 billion, up to nearly triple the $75 billion mark set in its November 2025 secondary share sale. If it gets anywhere near that range, Revolut would rank among the largest fintech listings in history.

This guide brings together everything traders need before that day: what Revolut actually is, how it makes money, the Nasdaq-versus-London question, the numbers behind the valuation, who owns it, the risks — and, because the listing is still years out, how to trade the fintech theme on Markets.com right now.

Revolut IPO at a glance (September 2026):

• Status: Private. No filing, exchange, or underwriters confirmed.
• Signalled timing: not before 2028, per CEO Nik Storonsky (April 2026).
• Latest valuation: $75 billion (November 2025 secondary sale); reported internal IPO target of $150–200 billion.
• Scale: $6 billion revenue and $2.3 billion profit in 2025; around 75 million customers worldwide.

What is Revolut?

Revolut is a London-founded financial super-app that began in 2015 as a prepaid card with cheap currency exchange for travellers, and now aims to be the "global bank" for everything: accounts, payments, savings, credit, stock and crypto trading, business banking, even eSIMs and travel booking. Founded by former Credit Suisse trader Nik Storonsky and software engineer Vlad Yatsenko, it has grown into Europe's most valuable fintech, operating across roughly 40 markets with a stated ambition of reaching 100 markets and 100 million customers.

Key milestones in Revolut's history

• 2015 — launches in London as a travel-money card with interbank exchange rates.
• 2018 — becomes a unicorn; secures a European banking licence via Lithuania.
• 2020 — launches in the United States.
• 2021 — raises $800 million from SoftBank and Tiger Global at a $33 billion valuation, then the record for a UK fintech.
• 2024 — finally granted a UK banking licence (with restrictions) after a three-year wait; employee share sale values the company at $45 billion.
• 2025 — November secondary sale lifts the valuation to $75 billion; posts record 2025 results weeks later.
• 2026 — exits UK licence restrictions to become a fully operational UK bank in March, files for a US national banking charter the same month, and hires former Visa executive Cetin Duransoy to run its American business (Fortune)

Revolut's core products and services

• Everyday banking — multi-currency accounts, cards, payments, and salary features across personal tiers from free to premium subscriptions.
• Wealth and trading — commission-light stock trading, ETFs, commodities, and one of Europe's largest retail crypto offerings.
• Credit and savings — loans, credit cards, and interest-bearing savings in markets where it holds banking licences.
• Revolut Business — accounts, expense tools, and payments for over 767,000 business customers.
• Lifestyle extras — travel insurance, eSIMs, accommodation booking — the "super-app" layer that keeps users inside the ecosystem.

How does Revolut make money?

Revolut's revenue mix is unusually diversified for a neobank, which is central to its IPO story:

• Interest income — with banking licences and $67.5 billion in customer balances, deposits fund lending and treasury income.
• Interchange and payment fees — a slice of every card transaction across tens of millions of active users.
• Subscriptions — paid tiers (Plus, Premium, Metal, Ultra) provide recurring, high-margin revenue.
• Wealth and trading — fees and spreads on stock and crypto activity, a segment that boomed in 2025's crypto upcycle.
• Business banking and FX — accounts and cross-border payments for SMEs.

The strategic point investors care about: no single engine dominates, and the licensed-bank model (unlike card-first fintechs) converts customer balances into interest income — making Revolut look more like a fast-growing bank than a payments app.

Is Revolut going public?

Yes — leadership now discusses the IPO as a matter of timing rather than principle. In an April 2026 interview with David Rubenstein at Bloomberg, Storonsky said the digital bank's IPO is "two years out," putting the earliest realistic window in 2028 (Bloomberg). Reporting around those comments added that Revolut is internally targeting a $150–200 billion valuation at listing (PYMNTS, Dealroom).

The preparation is visible, too: securing the full UK banking licence, filing for a US charter, appointing seasoned executives to lead US operations, and publishing increasingly detailed annual reports — the behaviours of a company grooming itself for public scrutiny. What does not exist yet: a filing, a named exchange, or underwriters.

Revolut IPO date: when could it list?

The working answer is 2028 at the earliest, and here's how the evidence stacks:

• The CEO's own words. "Two years out," said in April 2026, points at 2028 — and Storonsky has a history of letting deadlines slip rather than rushing.
• The US build-out comes first. Management has tied the listing to proving the US business, where the national bank charter application filed in March 2026 will take time to approve and operationalise.
• The 2026 targets are the runway. Revolut is reported to be targeting $9 billion revenue and $3.5 billion profit in 2026 (Connecting the Dots in FinTech); two more years of numbers like that would justify the valuation leap it wants.

Traders should treat 2028 as a signalled intention, not a commitment — companies of this size time listings to market windows, and the date will firm up only when banks are hired and a filing lands.

Where will Revolut list: Nasdaq or London?

This is the most politically charged question in the story. Storonsky has repeatedly signalled a preference for a US listing, citing deeper liquidity, the higher multiples American markets award technology companies, and the UK's 0.5% stamp duty on share purchases, which he has argued makes London-listed shares structurally less attractive (The Next Web).

A Nasdaq listing would place Revolut alongside fintech comparables like Nubank and Chime, in front of investors already fluent in the model. For London, losing its most valuable fintech to New York would be a symbolic blow, and UK officials have lobbied hard for a home listing — with a secondary UK listing sometimes floated as a compromise. Nothing is decided, but every public signal from the company currently points across the Atlantic. For traders the venue matters less than it seems: a US-listed Revolut would be tradable globally, including as CFDs, from early trading.

Revolut valuation and what it could be worth at IPO

Revolut's valuation path has been a one-way climb with a long plateau:

At $75 billion, Revolut is already worth more than most European banks. The $150–200 billion ambition would price it above Citigroup and near HSBC — for a company with a fraction of their assets but multiples of their growth. Whether public markets pay it depends on the comparables at listing time: Nubank's premium bank-fintech multiple is the bullish template; the post-2021 deratings of listed neobanks are the cautionary one. The honest framing: the IPO target implies Revolut doubling or tripling its private value in two years — possible on its growth trajectory, but far from banked.

Revolut's financials: revenue, profit and customer growth

The 2025 annual report is the strongest case yet (Revolut, Bloomberg):

• Revenue: $6 billion (£4.5 billion) in 2025, up 46% year on year, from $4 billion in 2024.
• Profit: a record $2.3 billion — Revolut's fourth consecutive profitable year, at margins most banks would envy.
• Customer balances: $67.5 billion, up 66% — evidence users increasingly treat Revolut as their main account, not a travel card.
• Customers: around 75 million worldwide by mid-2026 (Fortune), with the company targeting 100 million; business customers grew 33% to 767,000.
• 2026 targets: $9 billion revenue and $3.5 billion profit, per investor briefings.

Growing 46% while posting multibillion-dollar profits is the combination that separates Revolut from the loss-making neobank cohort of the last cycle — and it is the entire foundation of the $150–200 billion conversation.

Why investors are interested in the Revolut IPO

• Scarcity. Public markets have very few profitable, high-growth digital banks; Nubank proved the appetite, and Revolut would be the European flagship.
• The super-app option. Every new product line — lending, wealth, business banking — raises revenue per customer on an installed base of 75 million.
• Licensed-bank economics. Full UK and (pending) US banking licences turn deposits into interest income and unlock credit products, transforming the margin profile.
• A founder with skin in the game. Storonsky's stake, reportedly making him one of Britain's wealthiest founders, aligns him with shareholders in a way professional-manager banks can't match.
• Index effect. A $150 billion-class listing would command inclusion in major indices, forcing passive inflows after listing.

Who owns Revolut?

Revolut is majority-owned by its founders, employees, and venture investors. Nik Storonsky remains the largest individual shareholder — his stake is the core of a fortune Bloomberg has chronicled in the tens of billions — with co-founder Vlad Yatsenko alongside. Institutional holders include SoftBank's Vision Fund 2 and Tiger Global (who led the $33 billion round), Index Ventures, Balderton Capital, DST Global, TCV, and Ribbit Capital. Recent secondary sales have brought in later-stage and sovereign investors at rising prices, while letting early employees take money off the table — reducing, Stripe-style, the internal pressure to list quickly. Precise stakes will only be disclosed in a listing prospectus.

Revolut's competitors and listed fintech comparables

• Nubank (NYSE: NU) — the closest listed comparable: a profitable, fast-growing digital bank, whose market value is the reference point every Revolut bull cites.
• Chime (Nasdaq) — the US neobank whose 2025 listing re-opened the fintech IPO window and offers a live read on investor appetite.
• Wise (London) — Revolut's original FX rival and a case study in the London-listing discount debate.
• Monzo and N26 — private neobank peers in the UK and Europe, both watching Revolut's path.
• PayPal, Block, SoFi, Robinhood — listed fintechs overlapping Revolut's payments, banking, and trading features.
• Incumbent banks — Lloyds, Barclays, HSBC and peers, whose customers Revolut is steadily converting.

At listing, expect Revolut to be priced off Nubank's multiple, sanity-checked against Wise and the neobank cohort — and marketed as the growth alternative to Europe's legacy banks.

Key risks around a Revolut IPO

• Timeline slippage. "Two years out" has been Revolut's answer before; 2028 could become 2029 if markets sour or the US charter drags.
• Valuation gap. $150–200 billion is an aspiration reported from internal targets, not a banked price. Public investors may anchor much lower, and a downround IPO versus expectations would sting early secondary buyers.
• Regulatory friction. Revolut waited over three years for its UK licence; a US national bank charter is a higher bar still, and any compliance stumble (a recurring theme in its history) would be magnified under public scrutiny.
• Crypto-linked earnings. Part of the 2025 profit surge rode crypto trading activity — revenue that evaporates in crypto winters, as public markets well remember.
• Rate sensitivity. Interest income on $67.5 billion of balances shrinks if rates fall meaningfully before listing.
• Competition on every front. Nubank, Chime, Wise, incumbent banks' digital arms, and Big Tech wallets all contest pieces of the super-app.

Can you buy Revolut shares before the IPO?

Not on any exchange, and for retail investors, effectively not at all. Revolut's secondary sales — including the $75 billion November 2025 round — are company-organised events for employees and institutional buyers, not open markets. Small volumes occasionally surface on accredited-investor platforms, but with company transfer approvals required, high minimums, and prices anchored loosely to the last organised sale, completed retail purchases are rare. Be especially wary of unsolicited "pre-IPO Revolut shares" offers: with no filing in existence, anyone guaranteeing allocations or an imminent listing is misleading you. The practical route for most investors is patience — plus the listed fintech exposure below while you wait.

What could move Revolut's share price after listing

Once public, expect these to be the recurring catalysts:

• Quarterly customer and deposit growth — the headline metrics behind the growth multiple.
• US progress — charter approval, American customer numbers, and whether the US bet justifies the Nasdaq choice.
• Revenue mix shifts — markets will reward growth in subscriptions and interest income, and discount crypto-heavy quarters.
• Lock-up expiries — with a decade of private investors holding stock, the first insider-selling windows are classic volatility events.
• Index inclusion dates — forced buying from tracker funds, typically weeks after listing.
• Fintech sentiment — Nubank and Chime earnings will move Revolut by association, in both directions.

How to trade Revolut shares with Markets.com when it lists

When Revolut lists, Markets.com expects to make the shares available to trade as CFDs, as it does for major new listings. Being ready is straightforward:

• Open your account now — or a free demo account — so verification is done long before listing week.
• Add the fintech comparables to your watchlist (Nubank, Chime, Wise, PayPal) — they will telegraph sentiment into the debut.
• Practise IPO conditions on the demo — fast-moving prices, wide opening spreads, and gap risk behave differently from calm markets.
• Plan both directions. CFDs let you go long if you expect a Nubank-style rerating or short if you judge the debut overpriced — an option share-dealing accounts don't offer.
• Size conservatively. New listings have no trading history to anchor stops; our guide to leverage and margin explains why small positions are the professional choice on day one.

Which fintech stocks can you trade now?

The Revolut listing is years away, but its sector trades every day on Markets.com:

• Nubank — the profitable digital-bank template Revolut will be priced against.
• Chime — the freshest read on how markets value neobank growth.
• Wise — cross-border payments, and the London angle of the story.
• PayPal and Block — the liquid heavyweights of payments sentiment.
• Adyen — enterprise payments, and the closest proxy in our Stripe IPO guide (/blog/stripe-ipo).
• Robinhood and SoFi — the trading-and-banking hybrids nearest to Revolut's wealth ambitions.
• Indices — the Nasdaq-100 for concentrated fintech-adjacent exposure.

All are available as share CFDs, long or short, alongside our other pre-IPO coverage — see the Anduril IPO analysis for the defence-tech contrast.

How to Trade Stock CFDs on Markets.com: A Step-by-Step Guide

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You are trading a contract whose value tracks the underlying share price. Stock CFDs do not provide voting rights or direct ownership in the company. Before trading, confirm that the relevant stock CFD is available under the Markets.com entity serving your jurisdiction and review its live contract details.

Step 1: Open an Account

Create a Markets.com account and provide the requested registration information. Account and product availability depend on your country of residence and the Markets.com legal entity authorised to serve you.

Step 2: Verify Your Identity

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Once your account is approved, open the funding section and review the payment methods available to you. Supported methods, processing times, account currencies and potential conversion costs may differ by jurisdiction.

Deposit only an amount consistent with your financial circumstances and risk tolerance. Meeting the minimum margin requirement does not necessarily mean that the position size is appropriate.

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Search for the company name and confirm that you have selected the correct CFD instrument. Check its trading hours, spread, margin requirement, overnight financing charges and current availability before opening a position.

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Final words on Revolut IPO

The Revolut IPO now has a shape: a signalled 2028 window, a preferred US venue, a $75 billion private price, and an internal ambition of $150–200 billion that the next two years of results will validate or deflate. The company earning $2.3 billion on $6 billion of revenue while growing 46% is a genuinely rare asset — which is exactly why the smart preparation is not waiting, but learning the sector now. Trade the listed comparables, watch how fintech reprices on earnings and rate moves, and rehearse fast-market execution on a Markets.com demo account. When the Revolut prospectus finally lands, you'll be reading it as a practised fintech trader — not a spectator.

Revolut IPO FAQs

When is the Revolut IPO?

No filing exists. CEO Nik Storonsky said in April 2026 that a listing is about two years away, pointing to 2028 at the earliest. The timing is a signal, not a commitment, and depends on US expansion progress and market conditions.

What is Revolut's valuation?

$75 billion, set in a November 2025 secondary share sale. Investor briefings reported in 2026 say the company is targeting $150–200 billion at IPO — an ambitious leap that public markets have not yet priced.

Will Revolut list in London or New York?

Undecided, but every signal from management favours a US listing — Storonsky has cited deeper liquidity, better tech multiples, and the UK's 0.5% stamp duty. UK officials continue to lobby for London, and a dual or secondary listing remains possible.

Can I buy Revolut shares now?

Not on any exchange. Its secondary sales are closed, company-organised events, and accredited-investor platforms carry high minimums, transfer restrictions, and scarce supply. Unsolicited pre-IPO offers should be treated as scams.

Is Revolut profitable?

Yes — its fourth consecutive profitable year came in 2025, with a record $2.3 billion profit on $6 billion revenue, and reported 2026 targets of $3.5 billion profit on $9 billion revenue.

How can I trade the Revolut IPO?

Once listed, Revolut shares are expected to be tradable as CFDs on Markets.com, long or short. Until then, traders position through listed comparables such as Nubank, Chime, Wise, and PayPal, and rehearse on a demo account.

Sources

Bloomberg, Revolut CEO Storonsky says digital bank's IPO is two years out — https://www.bloomberg.com/news/articles/2026-04-20/revolut-ceo-storonsky-says-digital-bank-s-ipo-is-two-years-out

PYMNTS, Revolut targeting $200 billion valuation in eventual IPO — https://www.pymnts.com/news/digital-banking/2026/revolut-targeting-200-billion-valuation-in-eventual-ipo/

Dealroom, Revolut CEO says IPO is two years out, eyes $150–200B valuation — https://app.dealroom.co/news/note/revolut-ceo-says-ipo-is-two-years-out-eyes-150-200bn-valuation

Revolut, Record profit of $2.3bn for 2025 as revenue surges to $6bn — https://www.revolut.com/en-US/news/revolut_reports_record_profit_of_2_3bn_for_2025_as_revenue_surges_to_6bn/

Bloomberg, Revolut revenue soars 46% to £4.5 billion on surge in customers — https://www.bloomberg.com/news/articles/2026-03-24/revolut-revenue-soars-46-to-4-5-billion-on-surge-in-customers

Fortune, $75 billion valuation, 75 million customers and on its way to America — https://fortune.com/2026/07/03/75-billion-valuation-london-america-ipo-francesca-carlesi/

The Next Web, Revolut's IPO is two years away and it'll be in the US — https://thenextweb.com/news/revolut-ipo-two-years-storonsky

Connecting the Dots in FinTech, Revolut targets $9B revenue and $3.5B profit for 2026 — https://www.connectingthedotsinfin.tech/revolut-targets-9b-revenue-and-3-5b-profit-for-2026-as-ipo-plans-drift-further-out/