Revolut is exploring a dual listing on the Nasdaq and London Stock Exchange, despite CEO Nik Storonsky’s earlier criticism of the UK market’s lower liquidity and tax on share purchases.
London's trading industry is coming home!
Storonsky told French newspaper Les Echos that the US remained Revolut’s preferred market because it offered greater liquidity and more institutional and individual investors.
At the same time, he added that the UK-headquartered company was planning to list on both Nasdaq and the London Stock Exchange. The comments are Revolut’s first public confirmation that it is considering a dual listing.
Storonsky has previously said that an IPO would not take place before 2028.
London Returns to the IPO Discussion
Storonsky argued in 2024 that the London Stock Exchange could not compete with US venues. He pointed out limited liquidity and the UK’s 0.5% tax on share purchases as two of its main disadvantages.
His preference for the US has not changed. “It’s a larger market. It includes institutional investors, hedge funds, fund managers and a considerable number of individual investors,” he told Les Echos.
A London listing would bring one of Europe’s most valuable private financial companies to the UK public market. Revolut was valued at $115 billion in a recent secondary share sale, which would make it one of the largest companies listed in London.
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UK Removes Share Tax for New Listings
The UK has since introduced a temporary exemption from the 0.5% Stamp Duty Reserve Tax for companies newly admitted to a UK-regulated market. The relief applies for three years to qualifying listings made on or after 27 November 2025.
The tax normally applies when investors agree to purchase securities. Removing it during the first three years of trading is intended to support secondary-market activity and make the UK more attractive to companies considering domestic or dual listings.
The government specifically identified international dual listings as one of the areas the policy was designed to support. Revolut has not said whether the reform affected its plans.
The tax relief also does not address Storonsky’s concern about London’s smaller investor base and lower liquidity. Revolut has not disclosed which market would host the primary listing, whether the two listings would occur simultaneously or when formal preparations might begin.
