UK fintech firm Revolut expects no IPO before 2028, CEO says

London-based digital bank Revolut does not expect to pursue an IPO before 2028, chief executive Nik Storonsky said in an interview for a Bloomberg TV show due to air on April 22.

A listing could help build trust in a bank, and Revolut may hold more secondary share sales before any flotation, Storonsky said.

In February, Revolut was weighing another share sale in 2026 after a November secondary deal valued the company at US$75 billion versus US$45 billion a year earlier.

Revolut has also applied for a US bank license after securing a UK banking license in March, and approval in the US could take up to a year, Storonsky said.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

A US$75 billion valuation backed by profit

Revolut can afford to wait before going public because it is profitable, not a cash-burning startup. The company reported 4.5 billion pounds (US$6.09 billion) in revenue and 1.7 billion pounds (US$2.3 billion) in profit before tax for 2025 1.
Customer balances rose 66% to 50.2 billion pounds (US$67.9 billion), giving the business more room to grow from its own base 2.
Revenue comes from a wide mix of products, with 11 lines each bringing in more than 100 million pounds (US$135 million) a year 3.
Revolut already operates as a bank in more than 30 of its 40 markets, which fits with a plan to deepen its international reach before a public listing 3.

Revolut’s U.S. push raises pressure on established banks

Revolut is seeking a U.S. national bank charter, a federal banking license. That would let it offer Federal Deposit Insurance Corp. (FDIC)-insured deposits and lend directly, instead of relying on a partner bank 4.
The company dropped plans to buy a U.S. bank. It is now pursuing a de novo charter, meaning a new bank license created from scratch rather than through an acquisition 4.
Other global digital banks are moving the same way. Brazil’s Nubank, one of the world’s largest digital banks, has received conditional approval for a U.S. bank charter 5.
These moves widen the contest for primary banking relationships in the world’s largest consumer market.