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 applied for a U.S. bank charter, with Storonsky calling the U.S. “a key pillar of our global growth strategy.” At this time, though, the firm does not offer any crypto services to its U.S. customers, but users in eligible jurisdictions can make use of its crypto exchange and custody solutions. In February, it was selected as one of four UK firms to participate in an exploratory stablecoin sandbox ahead of the nation’s launch of stablecoin regulations later this year. Last year, sources told _Decrypt _that the firm was actively exploring the launch of its own stablecoin product. It has not yet done so, and predictors on Myriad—the prediction market platform operated by _Decrypt’s _parent company, Dastan—place odds of the firm launching a stablecoin before July at just 16%.