Revolut's Storonsky targets 2028 IPO, US bank launch next year

Revolut co-founder and chief executive Nik Storonsky says the company hopes to go public in 2028. Asked by Stripe co-founder John Collison on the Cheeky Pint podcast, published on Tuesday, when Revolut would list, he answered: “2028. In two years’ time, subject to market being good.”Cheeky Pint: Nik Storonsky, The most uncompromising banking CEO (host John Collison).

The year is not new. Storonsky told Bloomberg TV in April that a listing was “two years away”, a timeline City AM described as a tentative 2028.Revolut’s blockbuster IPO is two years out, says Nik Storonsky. That narrowed an estimate of two to three years he had given in December 2025.Revolut’s IPO is two years away and it’ll be in the US. Revolut said on 4 November that it had closed a fundraising process at a $115 billion valuation.Revolut completes fundraising process establishing $115 billion valuation.

The US bank

Before listing, Storonsky said, Revolut still needs to launch in the US and in many new markets, and to prove it can succeed outside Europe, especially where banking is led by credit. A US bank is not a requirement for the IPO, he said: “it’s not necessary, but it’s good to have.” He said he is “not really optimizing on valuation or readiness for IPO.”

On the US, he told Collison: “We received the conditional approval. There are two more approvals that we need to receive.” Asked when Revolut would go big there, he said: “Around next year. Yeah, hopefully.”

The record backs that account. The Office of the Comptroller of the Currency granted preliminary conditional approval on 2 September to charter Revolut Bank US, a digital bank based in Stamford, Connecticut.OCC Corporate Decision #1390: preliminary conditional approval of Revolut Bank US, National Association (2 September…. Revolut had filed on 10 March. According to the OCC’s decision letter, the bank’s application for FDIC deposit insurance is under review, and Revolut’s US holding company and its UK parent have applied to the Federal Reserve Board to become bank holding companies. Those are the two outstanding approvals, with final OCC sign-off to follow once preopening requirements are met.

The clock is running. The approval lapses if Revolut does not raise at least $95 million of capital within 12 months or open within 18 months. It also excludes the retail foreign exchange business Revolut proposed, which needs a separate OCC non-objection. Revolut’s US chief executive, Cetin Duransoy, said in September the bank remained “on track for a 2027 launch”.Revolut nabs conditional OCC charter (Banking Dive). Mercury, the US business banking app, is on a similar path: its chief executive expects its own bank to be live next year, we reported on Wednesday.The S-Curve, Mercury CEO says its own bank will open in 2027 after OCC, FDIC nods, 11 November 2026.

Storonsky said licensing has sped up under the current administration, to about a year from four to five. Revolut’s own application took less than six months to reach conditional approval. The US product, he said, “definitely needs to be credit card-led”, with benefits to take on Amex and Chase.

Lending, but not much

Storonsky said Revolut will lend, but wants loans to stay a small part of the balance sheet: “target state is less than 10%, and then the rest we would securitize.” His reason is valuation. Tech businesses “can usually get like 40-50 PE. In the banking business, you’ll be lucky if you get 10 PE,” he said.

Revolut is far below that ceiling now. Its customer lending book grew 120% in 2025 to $2.9 billion, against customer balances of $67.5 billion.Revolut reports record profit of $2.3bn for 2025 as revenue surges to $6bn. The company says it held 90% of its assets in cash, cash equivalents and treasury investments at the end of the year. It reported 2025 profit before tax of $2.3 billion, up 57%.

Storonsky also said about 100,000 customers now join every day. Revolut added 16 million retail customers in 2025, an average of about 44,000 a day, so his figure would be more than double last year’s pace.

Western Europe

Revolut’s chief executive for Western Europe, Béatrice Cossa-Dumurgier, gave a narrower measure on a Web Summit stage in Lisbon on Tuesday.Revolut appoints Béatrice Cossa-Dumurgier as the CEO of new Western Europe HQ. Monzo’s chief executive spoke at the same event, and said Monzo has no timeframe for a listing.The S-Curve, Monzo CEO sets no IPO timeframe, says deposits grew 55%, 11 November 2026. Asked how many of its roughly 30 million customers in the region use Revolut as their main bank, she said about 20%, depending on how it is measured.Web Summit Lisbon 2026, Stage 8 livestream (Day One). Low prices do not cost the company its margins, she said: “we are very profitable because we are very efficient in the way we operate.”