Revolut is targeting a valuation of $150bn to $200bn for its eventual stock market listing, according to investors briefed on the fintech's plans. The London-based company, which secured a full UK banking licence last month after a four-year wait, has indicated it will not pursue an IPO before 2028 at the earliest. Founder Nik Storonsky told Bloomberg that going public would boost trust, noting "public companies are trusted more compared to private companies."

The valuation target represents a significant premium to its most recent funding round, which valued the group at $75bn in November—up from $45bn in 2024. Last year, Revolut's pre-tax profits surged 57% to £1.7bn on £4.5bn of revenue, with premium subscription services driving a 67% revenue boost. The banking licence is crucial—it allows Revolut to offer loans and strengthens its case for US accreditation, having applied for a American banking licence last month.

Under a long-standing incentive agreement, Storonsky's stake could increase to roughly 40% at a $200bn valuation, valuing his holding at about $80bn. The company is also preparing a secondary share sale in the second half of this year, which investors expect to value Revolut at more than $100bn, allowing early backers like Balderton Capital and Index Ventures to cash out part of their stakes.

Since launching in 2015, Revolut has become Europe's most valuable startup, and achieving its ambitious valuation target would unlock a Musk-style fortune for its founder while validating its transformation from fintech disruptor to fully-fledged bank.