Revolut Eyes Dual Listing with LSE and Nasdaq Amid Expansion

The $115bn-valued digital bank Revolut is weighing up a simultaneous listing on both UK and US stock exchanges, marking a significant shift from its previous position.

CEO Nik Storonsky, who had previously ruled out a UK listing, says the company is now actively considering floating on the London Stock Exchange (LSE). Such a move would provide a much-needed boost to the UK market, which has struggled to retain companies in recent years.

UK cinema chain Vue is among the other firms eyeing a London listing. CEO Tim Richards says there is too much "gloom" surrounding the LSE and has expressed hopes of launching a £1.5bn (US$2.02bn) debut on the UK stock market.

Should Revolut proceed with a UK listing, it would rank among the country's biggest publicly traded companies, sitting alongside the likes of Barclays, BP and GSK.

Nik acknowledges that despite the planned London listing, maintaining a foothold on Wall Street remains a priority, given the sheer scale of the US market.

He says: "We have the choice between selling in a small market with few buyers, or in a gigantic market with a huge number of buyers who will compete fiercely for our shares."

Nik adds that companies with a strong US brand, wide-reaching presence and accessible products will also attract customers to participate in IPOs, ultimately strengthening market capitalisation.

Regulatory hurdles and a complicated history

Nik had previously dismissed the idea of listing on the LSE, saying it wasn't "rational" because of the 0.5% stamp duty the UK levies on share purchases.

Earlier this year, Nik indicated that any Revolut listing would not take place before 2028. A source close to the company noted that any potential float would depend on prevailing market conditions.

Despite the renewed interest in a UK listing, Nik has consistently been critical of UK financial regulators. Revolut spent years waiting for a full banking licence while working to resolve concerns about the strength of its controls and risk management functions.

UK MPs have also lobbied the company to list in London, following a string of failed attempts by the LSE to attract new listings.

Revolut's push into Swiss banking

In a separate development, Revolut has submitted an application for a Swiss banking licence and announced plans to invest over CHF150m (US$183m) in Switzerland's financial markets.

The application was filed with the Financial Market Supervisory Authority (FINMA) earlier this week. If successful, it would enable Revolut to offer Swiss customers an expanded suite of services, including salary accounts, access to Swiss deposit insurance and local IBAN account numbers.

Revolut Chief Commercial Officer David Tirado comments on the move, saying: "In Switzerland, we have 1.3 million customers, which corresponds to a penetration of around 24%." He adds that in two to three years, this number is expected to surpass 40%.

"What we are currently missing to compete with incumbent Swiss banks is trust," David says. "We'll build out ⁠our ​local team significantly, all the functions you need ​to have in order to operate as a Swiss bank."

Revolut's key partners

Xero: Revolut integrates with Xero to automate business expense management, real-time transaction reconciliation, and financial data syncing for corporate accounts.  
CEO: Sukhinder Singh Cassidy | Headquarters: Wellington, New Zealand  

Shopify: Revolut partners with Shopify using payment plugins, enabling e-commerce merchants to directly accept payments at checkout via Revolut Pay.   CEO: Tobias Lütke | Headquarters: Ottawa, Ontario, Canada  

Deel: Revolut collaborates with Deel to streamline international contractor payouts, simplified global hiring operations, and automated cross-border payroll transactions.
CEO: Alex Bouaziz | Headquarters: San Francisco, California, US