Revolut, the London-based digital banking and financial technology company, is reportedly planning to pursue a dual stock market listing on both the London Stock Exchange and the Nasdaq in New York. This marks a shift from earlier indications, as founder and chief executive Nik Storonsky had previously expressed reservations about listing in London due to concerns about market liquidity and costs such as stamp duty.

With a current valuation of approximately $115 billion, Revolut’s initial public offering (IPO) is highly anticipated and could provide a significant boost to the UK stock market, which has faced sluggish activity in recent years. A dual listing would make Revolut one of the highest valued companies associated with the London market, likely reinforcing the City’s standing in the global fintech sector.

Storonsky told the French newspaper Les Echos that while the company prefers the US market—citing its larger size and broader pool of institutional and retail investors—the decision to include London was now part of their strategy. He highlighted the contrast between selling shares in a "small market with few buyers" and a "gigantic market with a huge number of buyers who will compete fiercely for shares." His comments suggest an effort to balance access to capital and investor diversity by leveraging both markets.

Founded 11 years ago by Storonsky and Vlad Yatsenko, Revolut began as an app offering a prepaid travel card for overseas spending but has since expanded into areas such as cryptocurrency trading, stocks and shares ISAs, and full online banking services. The company now has over 80 million customers worldwide and reported a 57 percent increase in pre-tax profits last year, reaching a record £1.7 billion.

Earlier this year, Storonsky indicated that an IPO would not take place before 2028. Moreover, in late 2024, he was critical of London’s capital markets, calling them less liquid and more expensive than their US counterparts. However, the recent announcement of a potential dual listing suggests a reassessment of that stance.

Revolut’s plans come amid increased scrutiny of the company following a data breach that raised questions about its internal governance and controls. Despite this, the company’s growth trajectory and scale continue to attract considerable investor interest.

Should the dual listing proceed, it would represent a notable development not only for Revolut but also for the broader fintech industry and capital markets in both the UK and the US. The inclusion of London alongside New York could help reinforce the City’s appeal to high-growth technology companies, even as the US remains the dominant stock market for large-scale tech IPOs.