REVOLUT CHIEF SAYS NEW YORK IS TARGET FOR PRIMARY LISTING

Nik Storonsky, founder and chief executive of Revolut, has said a primary listing in New York was "always" the company's main goal, according to comments made in an interview with Bloomberg TV. Storonsky said the US was his preferred venue "given the deep liquidity of the US market". The remarks follow a similar interview last month with French newspaper Les Echos, in which he said he would consider a dual listing in New York and London but preferred the US, citing its larger pool of institutional investors, hedge funds, fund managers and individual investors. Revolut has been the subject of efforts by ministers and London Stock Exchange executives to secure a listing on the London market. Storonsky has said no initial public offering is being considered before 2028 at the earliest. The company is valued at around $115 billion following a recent secondary share sale, according to the report.

Revolut, based in Canary Wharf, has told Bloomberg TV it wants to "dominate" the US market, with Storonsky saying its offering would be "at par with Amex or JPMorgan Chase" and would include products that established providers do not offer. The firm received conditional approval from the US Office of the Comptroller of the Currency for an American national bank charter in September, marking its second attempt at a US banking permit after an earlier state-level bid through Californian regulators stalled and was withdrawn by late 2023. That earlier effort followed regulatory friction, including a $20 million loss linked to a flaw in its US payment system and concerns over its internal financial controls, the report said. This year, Revolut secured a full banking licence in the UK after a four-year wait, along with a new permit from the European Central Bank.

The comments mark a setback for London Stock Exchange bosses and government ministers who have sought to attract Revolut's listing to the UK capital. By contrast, Airtel Money, the fintech arm of Airtel Africa, floated on the London market this week at a valuation of £5.3 billion, the largest initial public offering on the exchange in five years, according to the report. No timeline beyond Storonsky's 2028 reference has been confirmed for any Revolut listing.