Revolut IPO: what to know and how to buy shares

When could the Revolut IPO happen?

The Revolut IPO is now expected to arrive in 2026. While there is no officially set date, some analysts have pointed to improving macroeconomic conditions as a potential market window. However, the expected IPO date has been pushed forward in the past.

The London-based fintech completed a secondary share sale on 24 November 2025 at a $75 billion (circa £55 billion) valuation, up two-thirds from its previous $45 billion valuation from summer 2024. That round was led by Coatue, Greenoaks, Dragoneer and Fidelity, with participation from Andreessen Horowitz, Franklin Templeton, T. Rowe Price and NVentures, Nvidia's venture capital arm.

Despite being headquartered in London, Revolut's leadership seems to continue to prefer a US listing. Storonsky has in the past stated that listing in the US would be ‘clearly more beneficial’ than London, citing greater market liquidity and the UK's 0.5% stamp duty reserve tax on share dealings as making a London float ‘much less profitable.’

While Chancellor Rachel Reeves unveiled a three-year stamp duty exemption for newly listed firms in her recent Budget, City executives continue to call for the tax to be abolished entirely.

Revolut obtained a UK banking licence in July 2024 after a three-year process, and has been working through a standard mobilisation phase since. The company has said it aims to launch full UK banking operations, including loans, overdrafts and mortgages, subject to regulatory approval.

Revolut's timeline for full UK operations has faced significant delays. As of February 2026, the company has spent 18 months in the mobilisation phase, longer than the typical 12-month window due to regulatory concerns regarding its global risk controls and anti-money laundering frameworks.

Although Revolut successfully launched full banking operations in Mexico in January 2026 and began testing mortgages in Lithuania, its UK division remains restricted to holding no more than £50,000 in deposits per customer.

Consequently, while Storonsky maintains that the full UK licence is the company's ‘number one priority,’ the official launch of domestic credit products like mortgages and overdrafts may take some time.

Revolut IPO: how to buy shares if the company lists

1. Do your research on Revolut
2. Decide whether you want to trade or invest
3. Open an account
4. Search for Revolut on our platform or IG Invest app and open your position

If you want to buy Revolut shares and own them, you'd open a share dealing account. If Revolut lists in the US, you'll be able to buy shares on the day of the IPO. It can cost from £0, though a forex fee of 0.7% may apply alongside other charges.

If Revolut lists in the UK and offers a primary market, you'd be able to buy shares at the IPO price with us ahead of the listing for zero commission.

If you want to trade Revolut shares with derivatives, you would open a spread betting or CFD trading account. When trading, you can go long or short and you'll trade on leverage.

This means you could gain or lose money much faster than you'd expect, as your trade size is much larger than your initial outlay. This means you could lose more than your initial deposit. It's best to have a risk management plan in place before you trade using leverage.

What does Revolut do?

Revolut is headquartered in London, and was founded in 2015 by CEO Nik Storonsky and Vlad Yatsenko at renowned financial technology incubator Level39's premises in Canary Wharf. The company is still led by Storonsky, employing a global workforce of over 10,000 people across more than 25 countries.

Revolut is a pioneering fintech company that offers a comprehensive suite of financial services through its mobile app. Unlike traditional banks, Revolut allows users to open an account within minutes, without the need for paperwork or credit checks.

As of 2025, the company had 65 million customers across 140 countries and was targeting 100 million customers across 100 countries as part of its stated ambition to become the world's first truly global bank.

The company provides banking services across Europe with local IBANs in France, Ireland, Spain, Germany and Romania through its EU banking licence. In the US, services are currently provided through partnerships with Sutton Bank and Cross River Bank, though Revolut is actively seeking a standalone US banking licence via the Office of the Comptroller of the Currency (OCC).

The company abandoned earlier plans to acquire an existing US bank in early 2026, thinking instead that a de novo application would move faster under the Trump administration's more fintech-friendly regulatory stance.

Beyond basic banking functions, Revolut has significantly expanded its offerings to include a commercial real estate lending unit, a private lending business, consumer credit products and credit cards and mortgage services planned to begin in Lithuania before expanding further. In January 2026, the company launched full banking operations in Mexico, its first bank outside Europe, and applied for a banking licence in Peru.

The platform also offers digital asset trading and stock trading. Revolut has been deepening its crypto offering, removing fees on US dollar to stablecoin conversions and partnering with Trust Wallet for instant cryptocurrency purchases in the EU. In December 2025, the company entered talks with Blackstone about offering the asset manager's funds directly on the Revolut platform.

A key technological advantage is Revolut's AI-powered fraud detection system, which it claims has achieved a 60% reduction in fraud on the user side.

What is Revolut's business model?

Revolut's business model has evolved into a highly diversified and profitable financial services platform.

According to various sources, the company achieved $1.4 billion in pre-tax profit on $4 billion in revenue in 2024., representing a 72% revenue increase year-on-year, and has projected growth to $2 billion in profit on $6 billion of revenue in 2025, with targets of $3.5 billion in profit on $9 billion of revenue for 2026.

1. Card and interchange fees — one of Revolut's primary revenue sources remains cards and interchange fees. With its massive user base and high transaction volume, the company earns significant revenue through fees paid by merchants when customers use their Revolut debit cards.
2. Subscription fees — subscription fees form a key part of Revolut's business model, with strong growth contributing to overall profitability. The company offers premium and metal plans that provide additional benefits for monthly fees, generating recurring revenue and increasing customer loyalty.
3. Wealth management and crypto trading — major growth has come from Revolut's wealth management and crypto trading divisions. The company has expanded its trading products and cryptocurrency exchange capabilities, capitalising on growing demand for digital asset services. Stablecoin payment volumes on the platform are projected to have grown by 156% in 2025.
4. Credit and lending expansion — Revolut is rapidly expanding into credit products, including consumer credit cards, commercial real estate lending, and private lending services. The company is developing mortgage services and has launched consumer credit in the UK as it takes on traditional lenders.
5. Innovative services and technology — the company continues to innovate with branded ATMs rolling out in Spain, enhanced Revolut Business capabilities, Revolut Kiosk for restaurant and store operations with biometric payments, and expansion of Revolut Pay with Buy Now Pay Later options.
6. In July 2025, Revolut was announced as title sponsor of the Audi F1 Team from the 2026 season, a significant brand-building milestone.

Who are Revolut's competitors?

Revolut's primary competitor in the multi-currency account space remains Wise.

Other global competitors in the fintech space include Monzo (which is also preparing for an IPO), PayPal, Block (formerly Square) and various regional digital banking platforms. However, Revolut's scale and diversification now position it competitively against traditional banks, with its $75 billion valuation placing it on par with Barclays.

The competitive banking landscape continues to intensify as traditional banks invest heavily in digital services while fintech companies like Revolut expand into traditional banking products like mortgages and commercial lending.

What is Revolut valued at and what could the Revolut share price be?

Revolut completed a secondary share sale on 24 November 2025 at a valuation of $75 billion (£55bn), a two-thirds increase from its previous $45 billion valuation. The round was notable not just for its size but for the calibre of new investors involved, including Nvidia's venture arm NVentures, which joined the cap table as part of a broader AI collaboration with Revolut.

The secondary sale priced each share at $1,381.06, giving employees the opportunity to sell up to 20% of their personal holdings. Storonsky, who has confirmed he owns 29% of Revolut, holds a stake worth approximately $21.75 billion at the current valuation. He is also in line for an additional 10% of the company if Revolut reaches a $200 billion valuation.

The company's financial performance underpins this lofty valuation, with $1.4 billion in pre-tax profit on $4 billion of revenue in 2024, and projected growth to $2 billion profit on $6 billion of revenue in 2025. Early investors have reportedly realised a 24x return on their original stake since Revolut's 2015 founding.

The exact IPO share price would depend on market conditions at the time of listing, investor demand, and the number of shares Revolut decides to issue.

What's the outlook for the Revolut IPO?

The outlook for Revolut's IPO remains a matter of significant interest.

A Nasdaq listing in the United States remains the preference, with Storonsky citing higher liquidity, more favourable valuations and the UK's stamp duty reserve tax as key deterrents to a London float.

The prospect of losing one of Britain's most profitable private companies to New York would deal a significant blow to government efforts to revive London's stock market. The London Stock Exchange has continued to push back against the narrative that US listings offer superior outcomes, but Revolut's position appears firm.

The UK government is actively working to retain Revolut, with Chancellor Reeves unveiling a three-year stamp duty exemption for newly listed firms and the Treasury holding ongoing meetings with fintech CEOs. Revolut itself has committed to investing $4 billion in the UK as part of a broader $13 billion global investment plan through to 2030, and unveiled a new Canary Wharf headquarters in late 2025.

Regulatory progress will be key to any IPO timeline. While Revolut obtained its UK banking licence in July 2024, it remains on a restricted licence as regulators assess its readiness to launch full banking services. In the US, Revolut has applied for a de novo banking licence through the OCC, having abandoned earlier plans to acquire a US bank.

The company seems to hope that a more fintech-friendly regulatory climate under the Trump administration will speed up the approval process. Revolut's financial profile continues to strengthen, making it one of the most anticipated public offerings in the fintech sector whenever it does choose to list.