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Revolut Eyes London for Mega Stock Market Float
15 Mar
Summary
- Revolut, valued at £56 billion, reportedly favors London for its stock market debut.
- The fintech received its UK banking license in July 2024 after a five-year wait.
- A UK listing could see Revolut enter the FTSE 100 index swiftly.
Fintech firm Revolut has reportedly placed London as its top choice for a future stock market listing, according to recent understanding. This development follows the company's long-awaited acquisition of a UK banking license in July 2024, granted with restrictions by the Bank of England's Prudential Regulation Authority. Prior to this, Revolut had faced a five-year wait and regulatory hurdles, including issues with verified revenue and a £3 million fine in Lithuania for anti-money laundering control failures.
Discussions with London Stock Exchange officials suggest a UK listing would likely result in Revolut's swift inclusion in the FTSE 100 index. This preference for London marks a significant shift from past tensions between Revolut's leadership and British financial regulators. The company, estimated to be worth £56 billion, is also attracted by the UK market's 'less onerous' filing rules compared to the US.
While a definitive timeline remains unstated, Revolut's UK boss indicated a listing would not occur before 2028 at the earliest. The company is awaiting its financial accounts to be scrutinized by auditor EY next March, a crucial step for investor confidence. Revolut plans a substantial investment of £3 billion in the UK, aiming to create 1,000 jobs and expand its services to include lending and mortgages, supported by its new banking license.
