Whalesbook
Revolut is reportedly signaling ambitions for a major initial public offering (IPO), with internal discussions about a valuation between $150 billion and $200 billion. This ambitious target represents a nearly threefold increase from the company's $75 billion valuation during a share sale in November 2025. While no formal valuation has been set and an IPO is not expected before 2028 at the earliest, these discussions show the company's growth plans.
Revolut's reported target valuation of up to $200 billion is significantly higher than recent fintech IPOs. For context, Klarna targeted a $13-$14 billion valuation for its September 2025 IPO, a significant drop from its peak of $45.6 billion. Chime, which debuted in June 2025, was valued at approximately $11.6 billion, less than half its 2021 valuation of $25 billion. Even payments infrastructure giant Stripe, previously valued at $91.5 billion in early 2025, has seen its valuation reach $140 billion in a recent tender offer, still considerably lower than Revolut's potential IPO target. Revolut's own valuation has seen rapid growth, rising from $45 billion in 2024 to $75 billion in November 2025. This surge is supported by strong financial performance, with 2025 pre-tax profits climbing 57% to $2.3 billion on revenues of $6 billion.
Revolut is pursuing this ambitious valuation as it strengthens its regulatory position. The company recently secured a full UK banking license in March 2026, allowing it to offer FSCS-protected accounts and lending products. Concurrently, Revolut is actively seeking a US national bank charter from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), a move critical for deeper penetration into the world's largest economy. This strategic pivot to a new bank charter, rather than acquiring an existing bank, suggests a preference for customized digital operations.
However, the fintech IPO market has shifted from the excitement of 2021. While the IPO window has reopened, investors now prioritize profit and efficient growth over rapid expansion. Companies unable to show solid business models and realistic valuations face difficulties. Revolut's path to such a high valuation will depend not only on continued rapid expansion but also on navigating the increased regulatory scrutiny required as it seeks to become a fully chartered bank in key markets.
Despite its impressive growth, Revolut faces challenges. Past controversies, including account freezes due to anti-money laundering system issues, a significant data breach affecting over 50,000 customers in 2022, and a $20 million corporate fund theft in 2023, raise questions about its operational controls. The company also scaled back crypto services in the US due to regulatory uncertainty. While securing banking licenses is a positive step, the lengthy process and ongoing compliance requirements remain significant operational burdens. The target valuation, nearly double that of major players like Stripe, invites skepticism, especially since the market now values fintech companies more cautiously. Whether Revolut can sustain the revenue growth and profitability needed for a $200 billion valuation is a key question.
Revolut aims to become the world's first truly global bank. The company targets 100 million customers globally and over $100 billion in annual revenue. Securing a US banking charter is key to this strategy, allowing direct access to payment systems and expanding lending services. Success with its regulatory applications and continued strong financial performance, while managing past issues, will determine its valuation for a potential listing, likely after 2028.