One of Europe’s most valuable startups, Revolut, is exploring a dual listing in London and New York for its blockbuster initial public offering (IPO), the Sunday Times reported, citing a “senior City source.”
If it were to proceed, the move could mark the first time a company simultaneously lists in New York and joins London’s benchmark FTSE 100, potentially giving the U.K.’s financial center a much-needed vote of confidence, the newspaper said.
The London-based firm is said to be valued at around $75 billion and has amassed 65 million users globally, including 12 million in the U.K. It began as a travel-focused prepaid card and has since expanded into stock and crypto trading, hotel bookings, and business accounts.
Data from TheTie shows that the firm has raised $3.77 billion since its launch. The company was reportedly looking to raise $1 billion at a $65 billion valuation earlier this year.
CEO Nik Storonsky has pushed for an IPO to allow early investors to exit, and had previously dismissed London as a venue due to the U.K.’s 0.5% tax, known as stamp duty, on share trading.
Storonsky’s stance appears to be softening. New rules introduced this month allow large firms to enter the FTSE 100 within just five days of listing, a change that could unlock major demand from index-tracking funds and boost liquidity.
Storonsky called the U.K. Revolut’s “home country” at the opening of its new headquarters in London last week, an event also attended by Chancellor Rachel Reeves and Revolut Chairman Martin Gilbert, the Sunday Times said.
The company did not comment to the newspaper.