Storonsky adds a London leg to Revolut's Nasdaq listing plan

Storonsky's pitch for New York runs through Revolut's own retail customers. He told Les Echos that a strong consumer brand in the United States means customers buy into the offering themselves, and he said that lifts the market capitalisation ^[21]. Revolut counts 70 million customers, just over 30 million of them in Europe ^[16]. Roughly 40 million are outside it ^[29]. Les Echos did not report a United States figure.

Stamp duty is charged on the purchase, so the buyer pays it at entry: 50 pounds on a 10,000 pound order ^[6][30]. The retail customer he wants converting into a shareholder pays the same rate as a fund. In 2024 he put the duty next to liquidity. "The UK is less liquid so it's much worse compared to the US plus it's much more expensive because you pay stamp duty," he said ^[7]. He has also called British regulators bureaucratic and said it is hard to do business in the UK, the country where he founded Revolut in 2013 and still works out of Canary Wharf ^[27].

The change on the record is the valuation. July's secondary share sale put Revolut at $115bn, up from $75bn in November 2025 ^[25], a gain of $40bn, or about 53% ^[28]. Dual listings are uncommon, and TNW reports that the companies running them tend to be among the largest and most heavily traded ^[14]. A company at $115bn can support two order books. He was direct about which one he expects to set the price: "We have the choice between selling in a small market with few buyers, or in a gigantic market with a huge number of buyers who will compete fiercely for our shares," he told Les Echos. "Therefore, yes, we prefer the United States." ^[20]

The Paris trip had a nearer purpose than the float. Les Echos reports that European authorities have set conditions before Revolut can offer mortgage lending, so the French licence is not yet the full one ^[17]. Last week the company added a sixth banking licence, in Colombia ^[18], and in March it received a full UK banking licence, having applied in 2021 ^[19].

Storonsky said earlier this year that a listing would not happen before 2028, and in April he put it roughly two years away and conditional on the market ^[23]. A person close to Revolut told The Telegraph that a float would be subject to market conditions ^[24]. In August the company moved to let him borrow against his own shares, up to $250mn ^[26].

Anyone who has to explain a reversal like this one on Monday should work out whether the constraint moved or their leverage against it did. If the constraint changed, the better terms are there for every company of that size, and it can be said out loud. Leverage alone buys an exception nobody smaller gets, and the old objection still holds for them. Storonsky's objection was 0.5% and it is still 0.5% ^[6][9]; his company was worth $75bn in November and $115bn in July ^[25].