Revolut Upcoming IPO: What investors need to know

Revolut is a UK-based fintech company that has been building out a "super app," meaning a single app that bundles many financial services, alongside other common consumer services like mobile phone plans.⁵ It serves both businesses and individuals, with offerings including multi-currency accounts, debit and credit cards, stock and crypto trading, international money transfers, and insurance with some subscription plans.⁶

While some may call the company a neobank or challenger bank, given its digital-first nature and challenge to legacy banks, Revolut has shifted more into traditional banking over years, including by receiving a banking license in the UK⁷ and applying for a US banking charter in 2026.⁸

That could potentially create opportunities for further growth, including by reaching more customers and expanding into more areas like lending and taking deposits. However, there are also risks involved with rapid expansion, and it's possible that moving more into traditional banking leaves an opening for new challengers, while introducing challenges like increased regulatory burden.

Meanwhile, despite being a startup, Revolut has quickly scaled into a large business. In 2025, it had revenue of £4.5 billion (up from £3.1 billion in 2024) and profit before tax of £1.7 billion (up from £1.1 billion a year prior).² Meanwhile, its valuation has grown from a $55 million Series A in 2016 to $75 billion set by a tender offer in late 2025, and most recently growing to $115 billion with a tender offer in July 2026.⁹ During that growth, it became Europe's most valuable private tech company.⁶

Going forward, Revolut is reportedly eyeing a valuation of up to $200 billion in an IPO, but CEO Nik Storonsky has indicated that the company wouldn't go public until at least 2028.¹⁰ However, he noted in a Bloomberg interview with David Rubenstein, co-founder of PE firm Carlyle,¹¹ that going public is important for gaining trust, and as a bank, Revolut wants to be trusted.¹²

For now, though, because Revolut is still private, its shares do not trade on a public exchange. Instead, eligible investors may be able to access pre-IPO Revolut shares through a private marketplace such as Forge, subject to availability and applicable eligibility requirements.

Revolut: Company background

Revolut, based in London, was founded in 2015 in London by Nik Storonsky and Vlad Yatsenko to create a new way to spend and transfer money abroad. Storonsky, Revolut's CEO, has a background in emerging markets equity derivatives trading, while Yatsenko, a non-executive board member and former CTO, has a software engineering background across industries such as travel and finance, including building financial software at investment banks.⁶

Its business is built around a single app that combines a wide range of banking and investing features, along with expanding into areas like eSIM offerings and insurance partnerships. The company has grown to serve 68.3 million retail customers and 767,000 businesses as of the end of 2025, with multiple revenue streams such as from card payments, subscriptions (various tiers unlock different offerings for customers), interest income, wealth management products, and foreign exchange.²

Since starting in the UK, Revolut has expanded to operate in over 40 markets, and it has obtained banking licenses in major markets such as the UK, the European Economic Area (EEA), Mexico, and Australia.¹³ The company also applied for a US banking charter in 2026 as it looks to expand there, as part of its goal to reach 30 new markets by 2030 and serve 100 million customers by mid-2027.⁸

This financial growth, alongside its valuation increases, help explain investor interest in a potential future IPO, though they do not guarantee any listing outcome. In the meantime, to keep up with real-time private-market data, see Forge's Revolut stock page.

Revolut IPO date and timeline

Revolut has not announced a specific IPO date, and the timing of any potential listing remains uncertain. In 2025, reporting suggested that insiders expected a 2026 IPO.¹⁴ However, in an April 2026 Bloomberg interview, CEO Storonsky said an IPO was about two years away, but that would also depend on market conditions then. In the same interview, he mentioned that the drive to go public was motivated by a desire to gain trust as a bank, as, in his words, public companies are trusted more than private ones.¹²

Storonsky has said in the past that he prefers a US listing due to liquidity and lower trading costs,¹⁵ but reporting also suggests a dual listing is possible.¹⁶

An April 2026 Financial Times report noted that Revolut is targeting a $150-$200 billion valuation when it IPOs.¹⁷ That said, its valuation and other IPO specifics, including timing, could change based on a variety of factors, such as Revolut's banking license progress and broader market conditions.

Note that these are reported considerations, not confirmed IPO outcomes. You can track developments on Revolut's IPO page on Forge.

The super-app growth story: Why Revolut matters beyond IPO timing

Revolut's significance goes beyond the timing of any listing. The company competes in global digital banking, a large market where consumers increasingly manage money through apps.²

A central part of that story is Revolut's push to challenge traditional banks by becoming one. In March 2026, it won a full UK banking license from the Prudential Regulation Authority (PRA), ending a process that began with its application in 2021. That milestone moved Revolut from a payments and e-money service toward operating as a fully regulated bank.⁷ The company has also applied for a US national bank charter.⁸

These regulatory steps broaden the products Revolut can offer against incumbent banks. They also fit Storonsky's stated view that trust matters for a bank ahead of a public listing.¹²

The growth story also rests on product breadth and international expansion. Revolut reportedly plans a roughly $13 billion investment to enter more than 30 new markets by 2030, targeting 100 million customers.¹⁸

For 2025, converted into dollars, the company reported about $6 billion in revenue, a record pre-tax profit of about $2.3 billion and roughly 16 million new customers. It also processed about $1.7 trillion in total transactions that year.¹⁹

Revolut competes against other fintech and neobank names, such as Wise, Monzo, Nubank, SoFi and Klarna. Meanwhile, as it moves more into traditional banking, it also could face more direct competition from legacy players.

While this competition, along with factors like regulatory scrutiny and economic conditions, pose risks to Revolut, the company also has opportunities for continued customer and revenue growth. In particular, if Revolut gains more of a foothold in major markets like the US, while expanding its portfolio of banking products and related services, the company could potentially accelerate its growth and become one of a handful of super-apps that consumers rely on daily.

Revolut stock price history

Because Revolut is private, its shares do not have a public stock price. Instead, private-market pricing references and secondary transactions offer a view of how its value has moved between funding rounds.

As of August 13, 2026, Revolut's Forge Price is $2,200 per share, at a $125.43 billion valuation.³ That is a step up from the $2,017.00 per share set by its July 2026 secondary transaction, which valued the company at $115 billion, and it is up more than 500% from Revolut's Forge Price at the start of 2023.

Forge Data as of 08/13/2026

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions, and indications of interest (IOIs) on Forge.

Revolut funding history and private market valuation

Revolut has raised capital across five primary funding rounds since 2016, as well as several tender offers, with its valuation climbing from $55 million to $115 billion in a decade.⁹

The company's Series A in July 2016 raised $10 million at a $55 million post-money valuation, backed by investors such as Balderton Capital, Index Ventures, Point Nine and Seedcamp. A $66 million Series B followed a year later in July 2017, lifting the valuation to $350 million with Balderton Capital, Index Ventures, and Ribbit Capital participating.⁹

The April 2018 Revolut Series C marked a major step change: $250 million raised at $38.50 per share and a $1.7 billion post-money valuation, drawing in investors such as Draper Esprit, DST Capital, Index Ventures (UK), and Lakestar.⁹

Momentum continued with Revolut's Series D in July 2020, which raised $580 million at $83.50 per share and a $5.5 billion valuation, with investment from Technology Crossover Ventures and TSG Consumer Partners. A year later, the July 2021 Series E raised $800 million at $640.00 per share, pushing Revolut's valuation to $33 billion with Softbank and Tiger Global Management on board.⁹

Since then, the story has shifted to the secondary market. An August 2024 secondary transaction moved $500 million in shares at $863.00 per share, implying a $45 billion valuation, with Coatue, D1 Capital Partners, and Tiger Global Management involved. A September 2025 tender offer priced shares at $1,381.06 for a $75 billion valuation, backed by Coatue, Dragoneer Investment Group, Fidelity and Greenoaks Capital.⁹

Most recently, a secondary transaction round in July 2026 priced shares at $2,017.00, implying a $115 billion valuation — a 53% increase over the prior tender offer less than a year earlier, and nearly a 250% increase from the Series E valuation set five years prior.⁹

Forge Data as of 08/13/2026

How to invest in Revolut before its IPO

Revolut is private, so its shares are not available on a public exchange. However, accredited investors may be able to access shares of some pre-IPO companies like Revolut through secondary market transactions, in which existing shareholders such as employees or early investors sell their holdings. An accredited investor is a person or entity that meets income or net-worth thresholds, or professional criteria, as set by the SEC.²⁰

Revolut has been using periodic secondary transactions, also known as tender offers, to provide interim liquidity to existing shareholders while the company stays private. The company conducts these every 1-2 years, according to CEO Storonsky.¹² Eligible investors may be able to participate in these secondary market transactions, subject to availability and applicable eligibility criteria.

However, tender offer investors tend to be institutional investors, similar to those selected to participate in primary capital-raising rounds. So, outside of these tender offers, eligible investors may be able to trade Revolut shares through a private marketplace such as Forge. Still, several considerations shape this access. Share availability depends on whether current holders are willing to sell, and transfer restrictions such as a company's Right of First Refusal (ROFR) can limit or delay a sale. Private company securities are also highly illiquid and speculative, so an investor should be prepared for the risk of loss.

To learn more about pre-IPO opportunities, explore our buyer's guide to investing in private market shares or our comprehensive pre-IPO investing guide. Eligible investors can also create a free account on Forge to explore available private market investment opportunities.

Looking ahead

Although Revolut has not announced a specific IPO date, its next steps may include a registration filing, banking license progress and updated listing venue guidance. Investors may wish to monitor these milestones as signals of a possible listing. 

Both the timing and the valuation of any listing remain uncertain. Reported timelines have already shifted from an expected 2026 listing toward a possible 2028 timeframe. Also, any private valuation reference can change with market conditions, and private company securities carry risks, such as illiquidity and potential loss of principal.

Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a potential Revolut IPO and other pending public offerings. 

To start exploring pre-IPO opportunities, accredited investors may create an account with Forge. After creating a free account, eligible investors may have the opportunity to buy and sell shares of private companies, including Revolut, subject to availability.