The UK Treasury is actively seeking to attract Revolut, one of Britain’s most valuable fintech companies backed by SoftBank, to list on the London Stock Exchange. This move comes as Revolut continues to explore the possibility of a New York listing on the Nasdaq.
The UK’s City Minister, Tulip Siddiq, is scheduled to meet with Revolut in the upcoming autumn. The discussions are expected to focus on Revolut’s potential listing plans and broader issues related to financial services and the City of London. This engagement underscores the UK’s commitment to maintaining its position as a global financial hub.
Revolut, having recently secured a crucial banking license in the UK, is currently valued at an estimated $45 billion. Despite its London base, the company has been leaning towards a Nasdaq listing, according to sources. This decision reflects the attractiveness of the US market for technology companies.
However, Revolut’s recent acquisition of a UK banking license, although with temporary restrictions, has strengthened its position. This license enables the company to directly hold deposits and expand lending within the UK. It also potentially strengthens its prospects of obtaining a license in the US market.
Revolut’s co-founders, Nikolay Storonsky and Vlad Yatsenko, have previously expressed a preference for a Nasdaq listing in the event of an IPO. However, recent hints from Revolut executives suggest that a London IPO might be a possibility, indicating the company’s recognition of London’s competitiveness as a business center.
Revolut’s journey towards a potential listing has been marked by significant milestones. In June, the company pursued a valuation of over $40 billion in an employee share sale, solidifying its status as Europe’s most valuable startup. Earlier that month, Revolut partnered with GTN to launch bond trading for European users, advancing its ambition to create an all-encompassing investment platform for both experienced and novice investors.
Despite facing challenges, including concerns about the approval of its UK banking license in May, Revolut’s recent acquisition of this license represents a significant step forward. The UK Treasury’s efforts to attract Revolut to a London listing illustrate the growing competition for attracting innovative companies and further highlights the importance of the UK’s financial sector.
