Storonsky says a US primary listing was always Revolut's target for any IPO

Storonsky's Bloomberg TV answer turns on the word "primary." It ranks venues without excluding one, and neither report says the London leg of the dual listing he described earlier has been dropped ^[1][3].

The ranking was already there in September. "So 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," Storonsky said, according to Les Echos. "Therefore, yes, we prefer the United States." ^[5] In the same interview he said Revolut was eyeing the London Stock Exchange and Nasdaq together ^[6]. Twenty-one days later he told Bloomberg TV, "That was always the target, given the deep liquidity of the U.S. market." ^[2][13] The two statements agree. The October one leaves London out.

The record does not include a response from the London Stock Exchange or the UK government, or any account of a British effort to keep fintech listings at home. Any verdict on London's listing policy goes beyond what Storonsky said ^[1][4].

In both interviews Storonsky argues about bidders: more buyers competing for the same shares ^[5]. Those shares belong to a company valued at $115 billion privately, more than Barclays or Societe Generale, according to Channel NewsAsia ^[12]. Revolut is not offering any of that value to public buyers soon. Storonsky told Bloomberg in April that an IPO might not happen until at least 2028 ^[7], and Channel NewsAsia put any listing at least a year away and subject to market conditions ^[8].

One outcome is a New York primary with a London secondary: the September plan, with the order stated. Another is a New York-only listing that cuts London out. A third is no IPO at all, since both reports describe one as something Revolut might pursue, not something it has decided ^[1][8].

I'd expect one of the first two, because the listing venue follows the operating plan. Revolut received preliminary approval for a US national banking licence in September ^[9]. Storonsky told Bloomberg TV that once it has a full charter it plans to roll out credit cards and loans and "dominate" the US market ^[10]. Revolut holds six full banking licences: the UK, France, Australia, Lithuania, Mexico and, since Sept. 15, Colombia ^[11]. A full US charter would make seven ^[14].

Two developments would prove that view wrong. One is a filing that gives London a listing of equal weight to New York. The other is a full US charter that stalls at the preliminary stage. Revolut would then be asking US buyers to price a lending business it cannot yet run in the US ^[9][10].