Revolut Builds $200 Billion IPO Case on Record Profits

Revolut is targeting a $150 billion to $200 billion valuation for an IPO no earlier than 2028, more than double its $75 billion valuation from November 2024. The London fintech’s record £1.7 billion pre-tax profit in 2025, up 57% year-over-year, and newly acquired UK banking license provide the financial foundation for institutional investors to justify that ambition, but US regulatory approval remains a critical unknown.

• Revolut posted £1.7 billion pre-tax profit in 2025, a 57% increase from 2024, on revenue of £4.5 billion
• The company’s retail customer base grew 30% to 68.3 million users, with a secondary share sale planned for H2 2026
• Full UK banking license approval in March 2026 and pending US OCC banking license application will determine execution on lending strategy

• £1.7B Pre-tax profit in 2025 versus £1.1 billion year-over-year
• 68.3M Retail customers at end of 2025 versus 52.5 million year-over-year
• $150B, $200B IPO valuation target versus $75 billion secondary valuation in November 2024

Revolut has signaled to investors that it intends to pursue an initial public offering at a valuation between $150 billion and $200 billion, with no listing expected before 2028.

The London-based fintech company, which was valued at $75 billion in a secondary share transaction in November 2024, disclosed its IPO ambitions privately to institutional backers; no formal valuation commitment has been publicly announced.

The company’s financial trajectory supports the pricing expectations: pre-tax profit surged to £1.7 billion ($2.3 billion) in the year ended December 2025, representing a 57% increase from the prior twelve months, while total revenue climbed 46% to £4.5 billion. User growth accelerated as well, with the retail customer base expanding 30% to 68.3 million accounts.

Record Profit and User Growth Anchor $200 Billion Valuation Thesis

The scale of Revolut’s earnings expansion is substantial enough to attract institutional capital at premium valuations, but only if the company can sustain or accelerate growth beyond 2025. The 57% year-over-year profit increase far outpaced revenue growth of 46%, suggesting that operational leverage and cost discipline are beginning to materialize across the platform.

The 30% expansion in retail customers, to 68.3 million from approximately 52.5 million a year earlier, indicates that unit economics are holding up even as the company scales to mass-market adoption.

At a $200 billion valuation, the implied forward price-to-earnings multiple would depend on 2026 and 2027 earnings forecasts, which Revolut has not disclosed publicly.

For institutional investors evaluating the IPO candidate, the critical question is whether Revolut can maintain this growth trajectory as it deploys newly acquired banking licenses and faces increased regulatory scrutiny in key markets.

Co-founder Nik Storonsky stated in December that his personal stake would be valued at approximately $80 billion if the company achieved a $200 billion valuation, aligning founder and shareholder incentives to deliver on the growth narrative through a public listing.

UK Banking License Removes Regulatory Hurdle After Three-Year Application

Revolut obtained a full UK banking license from the Prudential Regulation Authority in March 2026, concluding a protracted regulatory process that began years earlier. The license grants Revolut permission to offer lending, savings accounts, and credit products to UK customers, expanding beyond its historical core of payments and currency exchange.

This regulatory approval transforms Revolut from a payments-focused fintech into a regulated bank in its home market, materially widening the revenue opportunities available to the company.

The UK banking license is operationally significant because lending and deposit products typically carry higher net interest margins than transaction-based revenue, improving the company’s profitability profile as it scales these new services.

UK savers and borrowers represent a substantial addressable market, and Revolut’s existing customer base of millions of accounts creates a built-in distribution channel for deposit and lending products. The company’s ability to convert its installed user base into lending and deposit customers will directly influence whether the $150 billion to $200 billion IPO valuation is justified.

Revolut is also preparing a secondary share sale in the second half of 2026 that could value the company at around $100 billion, serving as an intermediate pricing benchmark ahead of the formal IPO.

US Banking License Application Represents High-Stakes Regulatory Bet

Revolut applied for a US banking license with the Office of the Comptroller of the Currency in early March 2026, targeting formal approval to operate as a nationally chartered bank in the world’s largest economy. US approval would allow Revolut to extend the banking services model that succeeded in the UK to American customers, substantially increasing the addressable market.

The United States accounts for a disproportionate share of financial services revenue and valuation multiples, so US banking status would meaningfully strengthen the IPO narrative.

However, OCC review of fintech banking applications has become more scrutinized and politically sensitive, particularly for companies with significant cryptocurrency exposure or international operational complexity.

Revolut’s history as a crypto-friendly fintech, combined with its multinational structure and rapid international expansion, may invite deeper due diligence than traditional bank holding company applications. The timeline for OCC approval is uncertain and could extend beyond 2026, potentially delaying execution on the company’s US lending strategy.

Institutional investors will likely condition their valuation models on a binary outcome: whether Revolut secures US banking status before or shortly after its IPO, or whether regulatory rejection in the United States forces the company to pursue alternative routes to serve the American market, such as through partnerships or state-level money transmitter licenses.

Either outcome materially affects the company’s addressable market and profitability ceiling.

Revolut’s path to a $200 billion IPO valuation hinges on three sequential milestones: execution of the H2 2026 secondary sale at $100 billion valuation or higher, continued profit growth and lending revenue ramp-up in the UK, and OCC approval for US banking status.

The company has not disclosed a specific IPO launch date beyond the 2028 or later window, and no regulatory timeline has been announced for the OCC application decision.

Institutional investors should monitor Revolut’s H2 2026 secondary share sale pricing and the stated profitability targets for 2026, as those will serve as the primary indicators of whether the market will support the $150 billion to $200 billion IPO range when the company eventually files.

Regulatory Approval Now the Valuation Ceiling for London Fintech

Revolut’s path to a $150 billion, $200 billion IPO valuation hinges almost entirely on securing full US banking privileges before 2028. The company filed its application for an OCC (Office of the Comptroller of the Currency) banking license in late 2024 and expects a decision by mid-2026, according to investor briefing materials reviewed by Crypto Coin Show.

Without OCC approval, institutional investors would likely cap valuations closer to $100 billion, $120 billion, citing regulatory risk and constrained US lending capacity, a discount of 30-40% to management’s stated target.

The UK banking license approval in March 2026 removes one regulatory gate but does not substitute for US authorization. UK and European banking permits allow Revolut to originate mortgages and unsecured lending in those jurisdictions, businesses that contributed an estimated £180 million in revenue in 2025.

US banking privileges would unlock a market 2.5 times larger by GDP and unlock cross-border deposit flows that London-based fintech lenders have historically struggled to access.

A US OCC license would also signal to public equity markets that Revolut operates under the same prudential framework as traditional banks, reducing perceived tail risk in valuation models used by index funds and long-only asset managers.

The OCC’s decision on Revolut’s application, expected by Q2 2026, will be the first concrete test of whether the company’s $150 billion, $200 billion IPO target is defensible. A rejection or indefinite delay would force management to recalibrate both valuation and timing, potentially pushing any public listing into 2029 or later.