Revolut IPO: what to know and how to buy shares

When could the Revolut IPO happen?

The initial public offering (IPO) was initially planned for 2022, but this is now looking increasingly unlikely, according to CEO and co-founder Nikolay Storonsky.

Storonsky said in a September 2021 interview that the company would ‘need to be at least in the few billion dollars range of revenue a year’ for the flotation to be successful.

Revolut recorded a revenue of $361 million in 2021, which is a far cry from Storonsky’s indicated revenue range.

However, speculation of a possible IPO picked up momentum again earlier this year, after the company recruited former Standard Life Aberdeen joint chief executive Martin Gilbert as chairman and welcomed Michael Sherwood, the former joint UK chief executive of Goldman Sachs to its board.

A Revolut spokesman has since said that a share sale would ‘probably’ not take place in 2022. “We’ll IPO when the time is right and when we need to,” they stated, adding that the focus is on business growth in 2022.

Revolut IPO: how to buy shares if the company lists

1. Do your research on Revolut
2. Open an account
3. Search for Revolut on our platform or app and open your position

If you want to trade Revolut shares with derivatives, you would open a 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.

What does Revolut do?

Revolut is headquartered in London, UK. It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko at renowned financial technology incubator Level39’s premises in Canary Wharf.

Revolut is a digital app that offers a range of traditional banking and financial services, including multi-currency (such as British pound and euro) bank accounts, debit cards, a fee-free currency exchange, commission-free stock trading, a cryptocurrency exchange, and peer-to-peer payments.

The Revolut mobile app directly supports spending and ATM withdrawals in 120 currencies, as well as transfers in 28 currencies.

It also provides crypto on-ramp services by allowing customers to use 25 fiat currencies to exchange for cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP.

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.

See the UK tech stocks to watch

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 boils down to how much growth the company achieves and how well it does in the coming financial year.

While the company continues to add new services each year, it operates in the UK on a digital banking licence, which means it is not allowed to lend directly to users. Customer deposits are also not protected by state insurance, which could prove a roadblock further down the road.

Experts say that it is extremely difficult to secure a full banking licence in the UK, with authorities paying great attention to an applicant’s know-your-customer procedures. To circumvent this, Revolut has hired about 300 risk and compliance professionals.

On the plus side, a digital banking licence makes Revolut less scrutinised than a traditional bank.

Here are some more topics you might be interested in:

• How to trade in IPOs