Revolut IPO: what to know and how to buy shares

When could the Revolut IPO happen?

The Revolut IPO is now expected to arrive 2026, with the possibility of it occurring even sooner given recent developments. The London-based fintech giant has achieved a remarkable new valuation of $75 billion ( circa £55 billion), which is up two-thirds from its previous $45 billion valuation from summer 2024.

For context, the company is currently conducting a secondary share sale at $1,381.06 per share, allowing staff to sell up to 20% of their personal holdings with payouts expected this autumn.

Leadership continues to prefer a New York listing over London, despite the UK government's active efforts to court Revolut for a London IPO. The Treasury has continued to hold meetings with fintech CEOs including Revolut, Monzo, ClearScore and OakNorth as part of broader efforts to retain major tech listings in the UK.

Recent milestones, including Revolut's acquisition of a UK banking licence in July 2024 (after a three-year process) and its pursuit of an American banking license, could influence the IPO timeline.

However, the company remains on a restricted UK banking licence while addressing past regulatory concerns.

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 offer 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, with support from Deputy CEO Vytautas Danta, employing a global workforce of some 10,000 people.

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. This digital-first approach has revolutionised how people manage their money, alongside competitors like Monzo, which is also looking to IPO shortly.

The company provides banking services across Europe with local IBANs in France, Ireland, Spain, Germany, and Romania, through its EU banking license. In the US, services are provided through partnerships with Sutton Bank and Cross River Bank. The company is targeting 1 million new accounts monthly as part of its aggressive growth strategy.

Beyond basic banking functions, Revolut has significantly expanded its offerings in recent years to include a commercial real estate lending unit, private lending business, consumer credit products and credit cards, with planned mortgage services starting in Lithuania and expanding to other countries.

The platform also offers digital asset trading, stock trading and advanced Revolut Business services with upcoming credit products.

A key technological advantage is Revolut's AI-powered fraud detection system, which has achieved a 60% reduction in fraud on the user side. The system uses machine learning analytics to monitor over 590 million customer transactions monthly.

The company plans to launch an in-app AI assistant in 2025, alongside gamification features including training courses with rewards.

What is Revolut's business model?

Revolut's business model has evolved into a highly diversified and profitable financial services platform. The company achieved £1.1 billion in profits in 2024, up by 149% from the previous year, with revenue increasing from £1.8 billion to £3.1 billion.

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 interchange fees paid by merchants when customers use their Revolut debit cards.

Subscription fees — subscription fees continue to form a key part of Revolut's business model, with strong growth in this segment 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.

Wealth management and crypto trading — Major growth has come from Revolut's wealth management and crypto trading divisions, which have become significant revenue drivers. The company has expanded its trading products and cryptocurrency exchange capabilities, capitalising on growing demand for digital asset services.

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 plans to launch its first business credit product in Europe and is developing mortgage services.

Innovative services and technology — the company continues to innovate with planned 2025 launches including branded ATMs (starting in Spain), enhanced Revolut Business capabilities, Revolut Kiosk for restaurant/store operations with biometric payments exploration, and expansion of Revolut Pay with Buy Now Pay Later options.

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Who are Revolut's competitors?

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

Other global competitors in the comprehensive fintech space include Monzo (which is also preparing for an IPO by 2026), PayPal, and various regional digital banking platforms. However, Revolut's scale and diversification now position it competitively against traditional banks, with its $75 billion valuation on par with established institutions like Societe Generale and 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 has achieved a sizeable new valuation of $75 billion (£55bn), representing a two-thirds increase from its previous $45 billion valuation from summer 2024. This makes it one of the most valuable fintech companies globally and positions its valuation above many established traditional banks.

The current secondary share sale is priced at $1,381.06 per share, giving employees the opportunity to sell up to 20% of their personal holdings. CEO Nik Storonsky previously received a windfall of between $200 million and $300 million from the 2024 share sale and could potentially achieve a multibillion-dollar fortune if the valuation reaches $150 billion.

The company's high valuation reflects its exceptional financial performance, with £1 billion in profits in 2024 and strong growth across multiple business segments including subscriptions, wealth management and crypto trading.

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. However, it would may wish to trade publicly with a similar stock price as its traditional competitors.

What's the outlook for the Revolut IPO?

The outlook for Revolut's IPO may be seen as increasingly positive, with the company expected to go public by 2026 or potentially sooner. The recent valuation increase to $75 billion, combined with strong profitability of £1 billion in 2024, positions Revolut as one of the most anticipated IPOs in the fintech sector.

Despite being headquartered in London, Revolut's leadership continues to prefer a listing on the Nasdaq in the United States, driven by perceptions of higher liquidity and potentially more favourable valuations in US markets.

However, the UK government is actively working to retain Revolut for a London listing. The Treasury has been conducting meetings with fintech CEOs, and Chancellor Rachel Reeves has shown interest in keeping major fintech unicorns in the UK.

While Revolut obtained its UK banking licence in July 2024 after a three-year process, the company remains on a restricted licence as it continues to address past accounting problems, EU regulatory breaches, and corporate culture concerns. Progress on these regulatory requirements could influence its IPO timing.

Revolut's current valuation now exceeds established banks like Societe Generale and Barclays, highlighting the company's strong market position.

And inarguably, the London Stock Exchange faces ongoing challenges with defections to other markets, making Revolut's listing location decision particularly significant for the UK capital markets.

The company's ambitious 2025 plans, including its AI assistant launch, branded ATMs rollout, and expanded business services, demonstrate continued innovation and growth potential that could support a successful IPO in the near future.

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