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Revolut Delays IPO Until at Least 2028 as It Focuses on Growth and Licenses
At a glance
- •Revolut postpones IPO until at least 2028; timing will depend on market conditions.
- •Company focus is on growth, product development and expanding services, not an immediate listing.
- •Revolut will continue periodic secondary share sales to provide liquidity while remaining private.
- •Recorded a record net profit of around €1.5 billion and had 68.3 million customers by end-2025.
- •Holds a Lithuanian license for EU operations and has obtained a full UK banking license; applications pending in France and the US.
- •Plans to build a US bank; approval timeline uncertain but company is optimistic.
- •Revolut stopped retail commodity trading in Germany; customers have 60 days to close positions and fees are waived during the transition.
- •Commodity ETCs remain tradable on the platform.
Revolut postpones IPO amid expansion and regulatory progress
Frankfurt Revolut founder and CEO Nik Storonsky told Bloomberg that the UK digital bank will not pursue an initial public offering before 2028. In a video interview for the David Rubenstein Show, Storonsky said an IPO is still two years away, and that the exact timing will depend on market conditions.
A Revolut spokesperson confirmed the banks priorities: the company is focused on expanding its business, developing new products and improving user services worldwide rather than preparing for an imminent listing. The spokesperson added that a public listing could make sense in the long term.
Storonsky emphasized the importance of trust for a bank and noted that publicly listed firms generally enjoy higher levels of confidence compared with private companies. To keep liquidity available for investors and employees while staying private longer, the CEO said Revolut will continue to consider secondary share sales. Such transactions, which give existing shareholders a way to realize some gains without a full IPO, occur at Revolut roughly every one to two years.
Revolut remains one of the largest neobanks globally. The company reported a record net profit last yearabout €1.5 billion, up roughly 60%and had 68.3 million customers at the end of 2025, including around three million in Germany. A secondary share transaction last year valued the company at $75 billion, up from $45 billion the prior year.
Licenses, US plans and withdrawal from commodity trading in Germany
Revolut currently operates in the EU under a Lithuanian banking license and recently received a full UK banking license, enabling it to accept customer deposits and lend in Britain. The firm has also applied for bank licenses in France and the United States; in the US it has operated since 2020 via partner banks but plans to build its own bank there. Storonsky said US approval could take up to a year, though the company aims for a four-month timeline and believes the approval environment has improved under the current US administration.
Separately, Revolut has decided to end retail commodity trading in Germany effective April 16. Affected customers have a 60-day windowuntil June 15to sell existing commodity positions, and Revolut has waived the usual commodity-trading fees during that transition. The bank said trading in commodity ETCs (exchange-traded commodities) will remain available; ETCs are certificate-like products designed to closely track the price performance of one or more commodities.
While an IPO remains on the horizon, Revoluts near-term strategy centers on license approvals, product expansion and profitable growth, using occasional secondary sales to provide liquidity without rushing into public markets.
