Revolut Builds $200 Billion IPO Case on Record Profits

Revolut has told investors it is targeting a valuation of $150 billion to $200 billion for a future initial public offering (IPO), the Financial Times reported on Tuesday.

The London-based fintech, which was valued at $75 billion in a secondary share sale last November, would not seek a stock market listing before 2028. No formal valuation target has been set, a source close to the company told the FT.

Revolut Eyes Up to $200 Billion Valuation in Future IPO

The company’s financial performance supports the ambition. Revolut’s pre-tax profit hit a record £1.7 billion ($2.3 billion) in 2025, a 57% increase from the prior year.

Revenue climbed 46% to £4.5 billion as its retail customer base grew 30% to 68.3 million.

Reports also indicate that Revolut is preparing for a secondary share sale in the second half of 2026. That transaction could value the company at around $100 billion, laying a stepping stone toward the IPO target.

Co-founder Nik Storonsky said in December that his personal stake would be worth roughly $80 billion if the company reached a $200 billion valuation.

Banking Licenses Fuel Global Expansion

Revolut received a full UK banking license from the Prudential Regulation Authority in March 2026, ending a years-long application process.

The license allows the crypto-friendly fintech to offer lending, savings, and credit products to UK customers.

The company also applied for a US banking license with the Office of the Comptroller of the Currency (OCC) in early March.

If approved, Revolut would operate more like a traditional bank in the world’s largest economy.

Can Revolut justify a $200 billion price tag? This may hinge on how quickly it converts new banking powers into lending revenue and grows its US footprint before any listing.