Revolut is reportedly targeting a $200 billion valuation in its eventual public listing.
That’s according to a report Tuesday (April 21) from the Financial Times (FT), citing investors who have been briefed by the U.K. FinTech on its plans for a stock market debut.
The report comes one day after Bloomberg News published an interview with Revolut founder Nik Storonsky, in which he said the company’s initial public offering (IPO) would likely not happen until at least 2028.
“Two years away,” Storonsky said in an interview for Bloomberg’s The David Rubenstein Show: Peer to Peer Conversations. “We’re a bank, and for a bank, it’s super important to have trust. Public companies are trusted more compared to private companies.”
However, investors and people at the company told the FT that internal discussions had floated the idea of a target valuation of $150 billion to $200 billion.
The FT notes that the $200 billion valuation would make Storonsky one of the world’s wealthiest people. The executive said last year that his incentive package would entitle him to a roughly 40% stake in the company if it reached a $200 billion valuation, giving him a share of around $80 billion.
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The report argues that a valuation of $150 billion to $200 billion would require Revolut to keep fueling its rapid expansion. Its most recent funding round in November valued the company at $75 billion, up from $45 billion in 2024.
Revolut recently obtained a full banking license in the U.K., and is applying to become a bank in the U.S.
As PYMNTS has written, a banking charter would give Revolut the freedom to stop relying on partner banks and establish control over its own infrastructure.
“Operating through partners limits margins and product scope,” PYMNTS wrote last month. “A charter shifts both. It can be argued that profitability and scale tend to precede regulatory expansion because they provide the capital base and operating record that regulators expect.”
The company’s most recent earnings, that report added, indicate that diversification and profitability are vital. Revolut’s revenue includes a blend of subscriptions, payments, wealth and interest income, which reduces reliance on any aspect of the business.
“That structure supports the move toward regulated banking,” PYMNTS wrote. “Firms that lack that breadth may find that a charter adds cost without delivering sufficient returns.”
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