Revolut boss says US primary listing was ‘always the target’
The boss of Revolut has said a primary listing in New York was “always” the company’s top goal, in a snub to the London Stock Exchange after a years-long charm offensive.
Nik Storonsky, the founder and chief executive of Revolut, said a primary listing in the US was “always the target, given the deep liquidity of the US market”.
The comments, made in an interview with Bloomberg TV, mark a blow to the efforts of ministers and London Stock Exchange bosses, who have courted the firm in hopes of landing a listing on the City’s bourse.
In an interview with French newspaper Les Echos last month, Storonsky opened the door to a dual listing in New York and London, but made clear he “prefered” the US.
“It’s a larger market. It includes institutional investors, hedge funds, fund managers and a considerable number of individual investors,” he said at the time.
Revolut is one of largest potential candidates for a public debut in the next few years, commanding a price tag of what is expected to be $115bn following a recent secondary share sale.
But Storonsky has reiterated no IPO is being considered before 2028 at the earliest.
Airtel Money, the fintech spin off of telecommunications giant Airtel Africa, launched its public offering on the London market this week at a valuation of £5.3bn making it the largest IPO in five years.
Revolut’s US ambitions
Storonsky has set his sights on further expansion in the US, telling Bloomberg TV the firm is looking to “dominate” the market.
“Our offering will be at par with Amex or JPMorgan Chase,” the fintech chief said, adding it would roll out products the incumbent giants do not have.
The Canary Wharf-based business received conditional approval from the Office of the Comptroller of the Currency (OCC) for its American national bank charter in September.
The process marks the firm’s second bid for a US permit after it made a play at the state-level in March 2021 through Californian regulators.
The initial effort ultimately stalled and was withdrawn by late 2023 following years of regulatory friction, including a $20m loss due to a flaw in its US payment system and concerns over its internal financial controls.
This year, Revolut landed its full licence in the UK following a four year wait as well as a fresh permit from the European Central Bank.