Revolut is planning to go public with a valuation of $200 billion.

April 22 According to the Financial Times, ahead of Revolut’s planned initial public offering (IPO), the fintech firm’s target valuation could hit as much as $2 trillion. Details in its high-profile listing plans shared with investors show that valuation would catapult its founder into the ranks of the world’s wealthiest people. The London-headquartered fintech, which secured a full UK banking license last month after a four-year wait, said it won’t pursue an IPO before 2028. Investors and company insiders told the Financial Times that executives have internally floated a valuation target between $1.5 trillion and $2 trillion. A person familiar with the matter noted no formal valuation target has been set yet. Revolut declined to comment. Revolut founder Nik Storonsky said this week the company’s IPO could arrive as early as 2028. Under a long-term agreement, Storonsky’s stake would rise by several percentage points if Revolut hits a $1.5 trillion valuation. In a Russian interview last December, he noted that if the firm reaches a $2 trillion valuation, his incentive plan would grant him roughly 40% ownership—worth about $800 billion. Last November, Revolut’s most recent funding round valued the firm at $750 billion—up from $450 billion in 2024—with new backers including chipmaker NVIDIA. In the near term, Revolut is gearing up for a new round of secondary market share sales, letting backers like Balderton Capital and Index Ventures cash out a portion of their stakes. This is expected to happen in the second half of 2024, with the firm’s valuation seen topping $1 trillion then. Revolut’s pre-tax profit jumped 57% to £1.7 billion last year, while revenue hit £4.5 billion. The firm also applied for a U.S. banking license last month.