Revolut is one of the most closely watched initial public offering candidates in European fintech. This guide explains what is known about a potential Revolut IPO, including timing estimates, valuation history, the latest reported financials, the UK banking-licence milestone, the listing-venue update and what pre-IPO exposure looks like for UK traders. Nothing here is a recommendation to buy or sell, and the information does not take personal circumstances into account.
Revolut has not set an official IPO date. Public comments from chief executive Nikolay Storonsky last April pointed to a listing being possible in “two years’ time” depending on “how good the market is”. This places the earliest realistic window in 2028.
Earlier reporting had suggested a 2026 listing was widely expected. The completion of a large secondary share sale in July 2026, which valued the business at $115bn, appears to have reduced the urgency: a secondary sale lets existing shareholders and employees sell some holdings to new investors without the company itself raising money on a public market. Any of these timelines can change, and a company can delay or abandon a listing entirely.
Revolut is a digital financial services company that operates as a mobile-first alternative to traditional banks. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko and headquartered in London, the company serves over 70 million customers across more than 38 countries. It holds a European banking licence and was granted a full UK banking licence in March 2026.
Multi-currency accounts: Users can hold and exchange more than 25 fiat currencies in the app, with the exact offering and pricing varying by market.
Stock and crypto trading: Customers can invest in shares, cryptocurrencies and commodities from the app.
Subscription plans: Plus, Premium, Metal and Ultra tiers offer perks such as cashback, travel insurance and airport lounge access.
Business accounts: Solutions for companies and freelancers, including corporate cards, expense management and multi-currency payments.
Lending services: Personal loans, credit cards, overdrafts and buy now, pay later products, with mortgages a long-term strategic ambition in the UK.
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Revenue stream | Latest reported position |
|---|
Card payments | £1bn in 2025, up 45% year-on-year |
Subscriptions | £708.5m in 2025, up 67% y/y, from paid Plus, Premium, Metal and Ultra plans |
Foreign exchange | £605.8m in 2025, up 43% y/y |
Wealth | £663.5m in 2025, up 31% y/y, from trading and related services |
Business accounts | Revolut Business represented 16% of total income in 2025; it had 767,000 business customers at year end |
Lending | The lending portfolio grew 120% y/y to £2.2bn in 2025 |
Past performance is not a reliable indicator of future results.
Revolut runs a technology-driven model without a physical branch network, which is designed to reduce certain operating costs compared with traditional branch-based banks. Its revenue comes from several streams.
Past performance is not a reliable indicator of future results.
Valuation history
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Date | Reported valuation |
|---|
2020 | Approximately $5.5bn |
2021 | $33bn |
2024 | $45bn |
November 2025 | $75bn via a secondary share sale |
July 2026 | $115bn via a further secondary share sale; latest confirmed private valuation |
At $115bn, the fintech’s implied valuation sits alongside some established European banks. However, Revolut’s own estimates are more optimistic. An April report in the Financial Times citing investors briefed on Revolut’s plans suggested the fintech may aim for a $200bn valuation when it eventually goes public.
These figures are estimates, not guarantees. Valuations can move sharply with market sentiment, profitability trends, regulatory developments and economic conditions. Metrics that would most likely move any valuation range include revenue growth, net profit margin, deposit growth, revenue per user and progress in higher-margin lending and wealth products.
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Metric | 2022 | 2023 | 2024 | 2025 |
|---|
Revenue | £923m | £1.8m | £3.1bn | £4.5bn |
Profit before tax | (£25m) | £438m | £1.1bn | £1.7bn |
Profit-before-tax margin | (3%) | 24% | 35% | 38% |
Retail customers | 26.2 million | 38 million | 52.5 million | 68.3 million |
Total customer balances | £13.2bn | £18.2bn | £30.2bn | £50.2bn |
Source: Revolut Annual Reports, including the 2025 annual report published in March 2026. GBP is the reporting currency; USD figures are illustrative conversions. Past performance is not a reliable indicator of future results.
Revolut delivered its fifth consecutive year of net profitability in 2025. Revenue rose 46% to £4.5bn, while profit before tax increased 57% to £1.7bn. Retail customers reached 68.3 million at year end, and total customer balances rose 66% to £50.2bn.
As of 17 September 2026, CEO Storonsky has publicly confirmed Revolut is planning a dual New York (Nasdaq) and London listing. The chief told French newspaper Les Echos the fintech firm prefers the US for a potential IPO but is still looking at a dual listing on the London Stock Exchange and Nasdaq. Storonsky had previously indicated a preference for a US listing, citing deeper liquidity and higher valuations for technology companies. In the meantime, the UK government introduced a temporary exemption from the 0.5% Stamp Duty Reserve Tax for companies new to the UK market, meant to encourage international dual listings.
For UK investors, venue matters in three practical ways:
Trading hours: A Nasdaq listing would trade during US market hours, while a London listing would trade during UK hours. A dual listing could mean both, with liquidity typically concentrated in one venue.
Currency: US-listed shares would be priced in USD, introducing currency risk for GBP-based investors. A London listing would most likely be priced in GBP.
ISA eligibility: Shares generally need to be listed on an HMRC-recognised stock exchange to be held in a stocks and shares ISA. Both the London Stock Exchange and Nasdaq are widely used by UK ISA providers, but eligibility would ultimately depend on the final listing venue and your provider’s own market coverage.
Spread bets and CFDs cannot be held in a stocks and shares ISA. Tax treatment depends on individual circumstances and tax rules can change.
Because Revolut is private, there is no share price to buy into today. A pre-IPO market is a derivative market that lets you speculate on where a company’s value may sit around its listing, rather than buy shares. Our pre-IPO quote reflects our own expected listing price for Revolut rather than a live exchange price. It is not an observable market price or a reliable estimate of IPO value.
With our pre-IPO market, you can take a position on Revolut through a spread bet or CFD ahead of any listing, speculating on whether the price will rise or fall against our expected listing price. You will not own shares, receive dividends or hold shareholder rights.
Pre-IPO markets can be less liquid and more volatile than listed shares, and spreads may be wider. Because these products are leveraged, a small adverse price move can create a loss much larger than your initial deposit, and you may be required to add funds to keep positions open. Consider using risk-management tools such as stop-loss orders, and only risk capital you can afford to lose.
If you are unfamiliar with leveraged trading, you can open a demo account to practise with virtual funds and get used to pricing, volatility and risk management before committing real capital.
Once Revolut lists and its shares begin trading in the underlying market, your position rolls into our listed share spread bet or CFD. Your position continues, and you retain control over when to close it.
Applying for shares in an IPO allocation, or buying shares once they start trading, means owning the underlying asset through a share-dealing or ISA account. That is a separate route from trading our pre-IPO market with derivatives, and availability of any retail allocation would be decided by Revolut and its underwriters closer to a listing.
If the Revolut IPO is cancelled or does not happen for any reason, open positions on our pre-IPO market will be closed at the price at which they were opened, and no profit or loss will be realised.
Revolut has grown from a currency-exchange app into a broad financial platform in under a decade, spanning banking, trading, insurance and business tools. Its 70 million customers make it one of the largest digital banks in the world by customer count, and 45% revenue growth in 2025 is impressive at that scale.
Revolut received a UK banking licence with restrictions in 2024, entering a ‘mobilisation’ phase capped at £50,000 in total deposits. That cap was lifted in March 2026, when the Prudential Regulation Authority (PRA) granted Revolut Bank UK Ltd full authorisation; deposit protection and the capacity to build a loan book (mortgages, commercial lending) actually became possible. As of publication, these lending products are still being built out and are not all live in the UK.
Revolut has also invested in AI-powered fraud detection, which the company says protected customers from over $800m in potentially fraudulent transactions in 2024 (Revolut Annual Report, April 2025). Wider digital banking growth forecasts are frequently cited as a tailwind.
Strong interest does not guarantee strong returns, and the growth story should be weighed against the risks below.
Revolut Bank UK Ltd became a fully licensed UK bank in March 2026 after the PRA lifted mobilisation restrictions. The transition is being phased, so some existing or newly onboarded customers may still hold e-money accounts before migration. Eligible deposits held with the UK bank are covered by the FSCS, subject to the scheme’s rules. Historical regulatory scrutiny, including anti-money-laundering concerns and a Lithuanian fine, remains relevant when assessing execution and governance risk.
Competition is intensifying. Traditional banks such as Barclays [BARC] and HSBC [HSBA] are investing in digital services, while Monzo, Wise [WSE], Nubank [NU], SoFi [SOFI], PayPal [PYPL] and Block [XYZ] compete in adjacent markets. Revolut’s 2025 revenue and customer growth were strong, but its future performance will depend on retaining customers, increasing primary-account use and expanding higher-margin lending and wealth products.
Execution risk, credit losses, fraud and operational resilience, customer complaints, dependence on interchange or interest income, valuation risk, dilution, IPO allocation risk and the possibility of no listing are all potential risks. A private valuation is not evidence of fair value and even a successful IPO may result in losses.
Broader market conditions matter too. Interest-rate moves, geopolitical tensions and shifts in appetite for fintech stocks could all influence timing and pricing. Recent fintech listings have delivered mixed results. Wise listed in London in 2021 (and moved to a primary US listing last May); its share price has fluctuated considerably since. Past listings do not guarantee future outcomes.
Comparison of listed and private peers (company, focus, listing status, approximate market capitalisation):
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Company | Focus | Listing status | Market capitalisation |
|---|
Wise | Multi-currency transfers | Transferred its primary listing to Nasdaq in May 2026, with its LSE listing becoming secondary | Market capitalisation changes daily |
Monzo | UK digital banking | Private; no confirmed IPO date | Not applicable |
Nubank | Digital banking in Latin America | Listed on the New York Stock Exchange | Market capitalisation changes daily |
SoFi | Digital finance in the US | Listed on Nasdaq | Market capitalisation changes daily |
PayPal | Digital payments | Listed on Nasdaq | Market capitalisation changes daily |
Block | Payments and cash app | Listed on the New York Stock Exchange | Ticker updated from SQ to XYZ in 2025; market capitalisation changes daily |
What differentiates Revolut is the breadth of its product suite. Wise concentrates on transfers and Monzo on current accounts, while Revolut combines banking, trading, crypto, insurance and business tools in one app. Its $115bn private valuation also places it in the same bracket as some traditional banks, which few fintechs have reached.
Past performance is not a reliable indicator of future results.
Searches for a Revolut IPO are sometimes mixed with searches for other pre-IPO names because Revolut’s app offers trading and IPO-related features. These are separate companies and separate markets. This page covers a potential Revolut listing only and does not describe any exposure to other private companies.
Open a spread betting or CFD trading account
With our pre-IPO market, you can take a position on Revolut through a spread bet or CFD trade ahead of its listing, and speculate on whether its price will rise or fall against our expected listing price after its IPO.
Practise with a demo account
If you’re unfamiliar with leveraged trading, you can open a demo account to practise trading with virtual funds. Familiarise yourself with pricing, volatility, and managing risk before trading with real capital.
Your position rolls into the listed market
Once Revolut lists on a stock exchange and its shares start trading in the underlying market, your position rolls into our listed share spread bet or CFD. This means your position continues, and you retain full control over when to close it.
What happens if the IPO is cancelled
If the Revolut IPO is cancelled or doesn't happen for any reason, your open positions will be closed at the price they were opened, and no profit or loss will be realised.
Spread bets and CFDs are complex leveraged instruments and come with a high risk of losing money rapidly due to leverage. Approximately 80% of retail investor accounts lose money when trading CFDs, according to Financial Conduct Authority data. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
