Revolut weighs joint London and Nasdaq stock market listing

Revolut is considering a stock market listing in both London and New York, its founder and chief executive has said, in what reporters describe as the company's first public acknowledgement of the idea. Nik Storonsky told the French newspaper Les Echos on 17 September 2026 that a dual listing involving the London Stock Exchange and Nasdaq was under consideration, while saying he still preferred the US because it offered a bigger market in which to find investors.

This is an option under review, not an announced flotation. As of 21 September 2026, Revolut had not confirmed a decision to float, a primary listing venue, a timetable, an offer size, a price, a prospectus or a regulatory application. For UK readers, the story bears on three groups: existing shareholders, the roughly 13 million people who used Revolut in the UK when it launched its UK bank in March 2026, and the policymakers trying to keep fast-growing companies listed in London.

What Storonsky said, and what is confirmed

Reuters reported the Les Echos interview on 17 September 2026. It said it could not independently verify the Les Echos report and that Revolut had not immediately responded to a request for comment. On 18 September, Euronews reported that a Revolut spokesperson had confirmed its account of the dual-listing consideration. FinTechPulse could not retrieve the original interview, so the exact wording and context of Storonsky's remarks are unchecked.

RTÉ and The Paypers both described the comments as the first time Storonsky, or Revolut, had pointed to a possible dual listing. That is a press characterisation. No Revolut release or complete archive of past statements was found that would prove the point, so "first identified" is the safer description.

The reports also differ in wording. Reuters' headline and opening used "plans" a dual listing, while its substantive account and the other coverage say Revolut is "considering" or "weighing" one. The less definite wording is the better supported. Revolut's public news page showed no IPO announcement through 21 September, and Companies House lists Revolut Group Holdings Ltd (company number 12743269) as an active private limited company.

Storonsky's preference for the US is his own assessment. The packet does not establish that Nasdaq would necessarily give Revolut better pricing or liquidity.

Why Revolut is the company in question

Revolut Group Holdings Ltd was incorporated in the UK on 15 July 2020 and is registered at 30 South Colonnade, London. Its 2025 annual report, filed at Companies House on 3 April 2026, gives the scale of the business:

The 13 million UK customer figure comes from Revolut's 11 March 2026 announcement, so it is measured at a different date from the global totals and should not be read alongside them as a single snapshot.

Revolut has not confirmed which entity would be the issuer. On 11 March 2026 Revolut said the Prudential Regulation Authority (PRA) had lifted restrictions on the licence of Revolut Bank UK Ltd and approved the launch of its UK bank. That authorisation is legally separate from any future admission of the group's shares, including a listing of the parent, Revolut Group Holdings Ltd, if that were the route chosen.

What a dual admission could look like

Revolut has not said which market would be primary, whether admissions would happen at the same time, or what kind of security London investors would hold. Those choices matter, and the Financial Conduct Authority's (FCA) UK Listing Rules checklists show why. They set out separate routes for commercial companies' equity shares (UKLR 3 and 5) and for international commercial companies seeking a secondary UK listing (UKLR 3 and 14), and they also cover depositary receipts. A depositary receipt is a certificate traded in one market that represents shares held in another. The FCA said the wider UK admissions regime and associated Listing Rule changes took effect on 19 January 2026. Which route would apply depends on the issuer, primary venue and security structure Revolut picks.

Unknowns that follow from that include:

• whether shares would be interchangeable between London and New York;
• how settlement and currency conversion would work;
• which line would be more heavily traded.

Nasdaq admission requirements are a US matter, while the FCA routes described above concern the proposed London admission.

What it could mean for shareholders

A flotation could give existing employee and investor shareholders a way to sell. Revolut's November 2025 share sale let current employees sell shares, which shows there is demand for that liquidity. Whether a dual structure would widen that access or complicate it depends on terms not yet disclosed.

A two-market structure could add currency, settlement, disclosure and tax considerations. Tax is one example. The ordinary rate of Stamp Duty Reserve Tax (SDRT) on chargeable electronic purchases of UK shares is 0.5%, according to HM Revenue & Customs guidance current at 21 September 2026. HM Treasury's Autumn Budget 2025 costings describe a three-year relief from that charge for a company's securities from the point of a UK regulated-market listing, effective from 27 November 2025. Subscription for newly issued shares is generally exempt under the ordinary rules. Eligibility for the relief would depend on Revolut's issuer, security and admission structure, and it should not be assumed to apply identically to a London line and a US line.

Lock-ups, any sell-down by existing holders, and how employee options would convert are all unannounced, so the effect on current holdings cannot be quantified. Shares can fall as well as rise in value, and a buyer can lose money. This article is general information, not investment advice.

Valuation figures are not an IPO price

Three valuation figures are in circulation, and they are not the same kind of number.

Reuters reported in July that a Revolut spokesperson confirmed a secondary sale was under way. The $2,017 price and $115bn valuation came from an unnamed source. Some reports describe the July sale as completed, but the contemporaneous Reuters account only shows the process had started. A private-market valuation is not an IPO price or a public-market capitalisation.

What it means for UK customers

A listing of the parent company would not, on its own, change a UK customer's account, the legal entity serving them, or their deposit protection. The Financial Services Compensation Scheme (FSCS) protection that applies to a customer depends on the entity holding their money, not on where the parent's shares trade. This is a structural reading of the packet's evidence and not a Revolut statement about a listing.

Revolut's own account of customer transfers to Revolut Bank UK Ltd is separate. It said they would happen in phases and with notice, and that current accounts would roll out gradually. Holding a UK banking licence therefore does not mean every existing customer already had an account at the bank on 11 March 2026.

Any corporate reorganisation that came with a flotation would need checking against the prospectus and customer notices. Customers who want to confirm which entity holds their account should look at their own account terms and Revolut's notices.

Why London wants a role

The FCA introduced IPO information-flow reforms on 5 August 2026. They removed the seven-day waiting period for connected IPO research and simplified information-sharing requirements. The FCA said the changes were meant to reduce execution risk and compliance costs and to help UK markets compete globally.

A Revolut admission in London would fit that stated policy aim of attracting and keeping growth-company listings. RTÉ reported that a London admission would be significant after a shortage of recent listings. Whether it would change London's wider competitiveness cannot yet be measured, and no evidence shows it would reverse the broader listing trend. For now, its significance is symbolic and prospective.

What to watch next

Reports have mentioned 2028 or later for an IPO, but that is not a company commitment. The formal signs would be a board decision, the appointment of advisers, regulatory filings and a prospectus, which would set out the listing structure, the security offered and the terms. Revolut's news page and the Companies House record for Revolut Group Holdings Ltd are the primary places to check for announcements. The FCA's UK Listing Rules checklists set out the admission routes.