Revolut Targeting $200 Billion Valuation in IPO—But Not Until 2028: FT

In brief

• Revolut is seeking a $200 billion valuation via an IPO, according to the Financial Times.
• The report cited investors briefed on the firm's plans, though it doesn't intend to IPO until 2028 according to its CEO.
• The firm last raised funding in November at a $75 billion valuation.

Fintech firm Revolut aims to command a $200 billion valuation when it goes public, according to a new report from the Financial Times, citing investors briefed on the firm’s plans. 

At that mark, the firm’s valuation would have jumped more than 160% since its November fundraise, when it completed a share sale that valued it around $75 billion. People at the firm told Financial Times that executives had discussed a target range of $150-200 billion when it goes public.

Earlier this week, though, the firm’s CEO and co-founder Nik Storonsky told Bloomberg’s David Rubenstein that the event won’t take place for another “two years time.”

A source close to the firm told Decrypt no formal valuation target has been made. Revolut declined to comment.

Revenues for the global firm surged to a record $6 billion last year, representing a 46% jump year-over-year as it netted pre-tax profits of $2.3 billion, buoyed by its global market expansion. 

As it stands, the firm now operates a licensed bank in 30 of its 40 geographies, including its home country, the United Kingdom. In March, it cleared the regulatory hurdles necessary to become a bank in the UK, earning approval from the Prudential Regulation Authority (PRA) amid its $4 billion commitment to invest in the country. 

Prior to that, it launched full banking operations in Mexico and later with Storonsky calling the U.S. “a key pillar of our global growth strategy.”