Revolut CEO: Considering factors such as liquidity and listing costs, we plan to conduct an IPO in the United States

Nikolay Storonsky, CEO of fintech giant Revolut, has dismissed the idea of ​​listing on the London Stock Exchange, saying it “doesn’t make sense” compared to the U.S. market. In comments on the 20VC podcast, Storonsky criticized the UK’s 0.5% stamp duty on stock trades and highlighted limited liquidity as a major drawback for companies considering an IPO in London. “Liquidity in the UK is poorer, so it’s much worse than in the U.S., and the cost of listing in the UK is much higher because of the stamp duty you have to pay. It doesn’t make sense,” Storonsky said. He noted that unless the UK offers a more competitive environment, the U.S. market remains a reasonable choice for a potential public listing of Revolut. Storonsky’s comments come as the London Stock Exchange struggles with a massive outflow of companies. According to the Financial Times, 88 companies delisted from the London Main Board or moved their primary listing venue in 2024, the largest outflow since the financial crisis. Despite ongoing reforms in the UK to bolster its appeal, US exchanges continue to attract UK firms with deeper pools of capital and greater investor interest. Revolut, which was recently valued at $45 billion, received a provisional UK banking license in June after a three-year wait. However, Storonsky said that if he were to start Revolut today, he would choose the US as a base. Meanwhile, the neobank continues to expand its presence in the digital asset space. Its cryptocurrency-focused trading platform, Revolut X, launched in the UK earlier this year and has now rolled out to 30 European markets. (DL News)