Fintech giant Revolut will be ready to go public in 2028, according to CEO Nik Storonsky, confirming the timeline for Europe’s most anticipated IPO.
In an upcoming episode of Bloomberg’s The David Rubenstein Show: Peer to Peer Conversations, Storonsky says Revolut’s listing would depend on market conditions, but emphasised its importance.
“We’re a bank and, for a bank, it’s super important to have trust,” Storonsky said. “Public companies are trusted more compared to private companies.”
Storonsky’s confirmation makes it clear that Revolut may not be the first of European fintechs strongest IPO candidates to list, with Monzo, Starling and Checkout.com also in the running.
Fintech execs are exercising caution after the disappointing run of Swedish buy now pay later fintech Klarna’s highly anticipated floatation. The company listed on the New York Stock Exchange in September last year, opening at $52 per share, but has been declining, with the stock now trading at about $15.
Storonsky said the personal finance superapp would likely launch more secondary share sales before its IPO, as they tend to happen every one to two years.
Revolut’s last share sale was in November and valued the company at $75bn, a significant jump from its $45bn valuation the previous year.
Additionally, the CEO told Bloomberg Revolut is targeting a four month timeframe for the approval of its US banking licence.
“It’s obviously much easier for us given the new administration, plus that we have so many other banking licenses, plus we have a banking license in the UK now,” he said whether he was confident about the application being successful. “So for us it became much easier, compared to two years ago.”
Revolut secured a full UK banking licence in March after a five-year back-and-forth with regulators.