The fintech group has told investors it is eyeing a listing valuation of up to $200 billion, more than doubling its $75 billion price tag from late 2025, with a public debut not expected before 2028.
JP Morgan has thrown its weight behind Revolut's ambition to build "the first truly global bank," after the London-headquartered fintech reportedly told investors it is targeting a valuation of between $150 billion and $200 billion in an eventual stock market listing.
The figure represents a sharp step up from the company's $75 billion valuation in a secondary share sale in November 2025, with co-founder Nik Storonsky having said his personal stake would be worth approximately $80 billion if the company achieves the upper end of that range.
No formal valuation target has been set, and Revolut has declined to comment on the reported figures.
Before any IPO, the company is also preparing a secondary share sale in the second half of 2026 that could value the business at around $100 billion, with a public listing not expected before 2028.
Storonsky has said the timing of the listing reflects the importance of public trust for a banking business, telling Bloomberg this week that listed companies are "trusted more compared to private companies."
The IPO ambitions are underpinned by rapidly expanding financials, with recent results revealing revenue reached $6 billion in 2025, up from $4 billion in the 2024 calendar year, while net profit grew to $1.7 billion from $1 billion.
JP Morgan described Revolut as having developed a "super-app" that has evolved far beyond its origins as a foreign exchange card for travellers, now spanning payments, banking, crypto, investing, lending, lifestyle benefits and merchant services across more than 40 countries, with over 70 million retail customers and 767,000 business clients.
A significant regulatory milestone was reached last month, when Revolut obtained a full UK banking licence after a multi-year application process, while simultaneously filing for a US banking licence with the Office of the Comptroller of the Currency.
US approval would allow Revolut to operate as a conventional bank in the world's largest economy, reducing its reliance on partner banks and improving both margins and product scope.
Beyond the UK, Revolut holds a banking licence in the European Union and operates in Australia, Japan, New Zealand, Singapore, Brazil and the US, with India launched recently and Colombia to follow later this year.
A $200 billion IPO valuation would rank among the largest ever achieved by a fintech company going public, and would cement Storonsky's position among the world's wealthiest individuals.