Revolut’s £60bn IPO Plan Could Be London’s Biggest Market Comeback in Years

Quick Answer: Revolut is considering a London stock market listing at a valuation of approximately £60 billion following the fintech’s long-awaited award of a full UK banking licence. The float would rank among the largest in London Stock Exchange history and represents a significant moment for both the company and the UK’s ambitions as a global financial centre.

Revolut London IPO:£60bn Float Plans After UK Banking Licence Secured

Revolut has confirmed it is exploring a London listing that would value the company at around £60 billion — a move that would make it one of the most significant IPOs in the history of the London Stock Exchange and a landmark moment for UK fintech.

The announcement follows the company’s receipt of a full UK banking licence, a milestone that had been delayed for years and whose resolution clears the path for Revolut to operate as a regulated deposit-taking institution in its home market. The licence removes the last major structural obstacle to a public offering and signals that the company is now in a position to pursue the float in earnest.

For London, the timing matters. The city has spent several years losing high-profile listings to New York, with a string of UK-founded technology companies choosing US exchanges over the LSE. A Revolut IPO at this scale would represent a genuine counter-narrative — and one the government and financial establishment will be eager to amplify.

From Challenger App to Banking Institution

Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko and grew rapidly on the back of fee-free currency exchange and a frictionless mobile-first user experience. It now claims more than 50 million customers globally and has expanded its product range to include savings accounts, trading, insurance, and business banking.

The UK banking licence, granted by the Prudential Regulation Authority, changes the company’s legal and commercial standing considerably. It means Revolut can now offer fully protected deposits under the Financial Services Compensation Scheme — protection that had previously been unavailable to its UK customers and that had limited its ability to compete directly with established high street banks.

That competitive gap has now closed. With FSCS protection in place, Revolut can pursue current account customers who previously needed a traditional bank as a backstop. It is a significant expansion of its addressable market — and one that makes the IPO case considerably more compelling to institutional investors.

The growth of European fintech over the past decade has been one of the continent’s most consequential economic developments, and Revolut has been at its centre. Its trajectory from payments disruptor to fully licensed bank mirrors a broader maturation of the sector that European financial regulators have been navigating carefully.

What a £60bn Listing Would Mean

At £60 billion, Revolut would enter the public markets as one of the most valuable companies ever listed in London. For context, that figure exceeds the current market capitalisation of Barclays and sits comfortably within the upper tier of FTSE 100 valuations.

The float would also be a test of institutional appetite for high-growth fintech at scale. Revolut is profitable — it reported its first full-year profit in 2023 — but it remains a company whose valuation is built heavily on growth expectations rather than current earnings. Public market investors will scrutinise that dynamic closely.

London’s position as Europe’s leading financial centre has faced sustained pressure since Brexit, and the government has pushed hard through regulatory reform to make UK listings more attractive. A successful Revolut IPO would be the most visible validation yet of those efforts — and a signal to other European technology companies that London remains a credible destination.

The timing and structure of any offering have not been confirmed. But with the licence secured and the valuation established, the direction of travel is clear.

FAQs

Has Revolut confirmed a London IPO date? No confirmed date has been announced. Revolut has indicated it is exploring a London listing following the award of its UK banking licence, but the timing and structure of any float remain subject to market conditions and regulatory considerations.

What does Revolut’s UK banking licence mean for customers? The licence means UK Revolut customers now benefit from FSCS deposit protection of up to £85,000 — bringing the company in line with traditional high street banks and significantly expanding its appeal to mainstream current account customers.

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