FinTech Revolut Cools Hopes of a U.S. IPO in the Next 18 Months

FomoAnxiety · 2026-03-16T21:28:13+00:00

Revolut's CEO, Francesca Carlesi, has dismissed expectations for a U.S. IPO before 2028, focusing instead on growing its customer base to 25 million in the UK. The company plans significant international expansion while exploring a potential dual listing.

FomoAnxiety

2026-03-16 21:28:13

Abstract generation in progress

FinTech Revolut has played down hopes of a U.S. IPO before the end of 2027.

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Growth Not Float

Its U.K chief executive Francesca Carlesi told the Sunday Times that its main focus was to grow to 25 million U.K. customers – double the current number – in the next three to four years rather than concentrating on a blockbuster stock market float.

Questioned whether the float would take place before the end of the end of 2027, Carlesi said: “No. There’s a lot of focus on this externally, but the truth is that, internally, we are not focusing on it as a priority. We’re now really, really focused on building a great business and growing the business here and globally.”

Founded in 2015, the company has around 13 million UK customers offering financial services via smartphones, initially focusing on allowing clients to easily exchange currencies and make transfers.

It has about 70 million clients in 40 countries and is targeting 100 million customers in 100 countries. The company plans to invest $13 billion over five years to support its international expansion, including doubling its workforce and entering more than 30 new markets by 2030.

Dual Listing IPO

There was chatter last year that Revolut, valued at around $75 billion, is eyeing up a unique dual-listing in New York and London. If that took place, then it would be one for the history books as it would mark the first time a company had simultaneously listed in New York and entered London’s flagship FTSE 100 index.

Carlesi added however that the location of the potential IPO – U.K. or U.S. or both – is still very much up in the air. “It is still so open. We are so far away,” she said.

Last week, Revolut obtained a U.K. banking licence and can now start offering accounts as a fully licensed bank for both retail and business customers. Earlier this month it applied for a U.S. bank charter.

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