British fintech company Revolut potentially moved one step closer to a possible U.S. IPO today after obtaining a full U.K. bank license.
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U.K. Approval is a ‘Milestone’
Founded in 2015, the company has around 13 million UK customers offering financial services via smartphones, initially focusing on allowing clients to easily exchange currencies and make transfers.
Revolut has long awaited a banking licence in the UK, having already secured such authorisation in the European Union.
“This milestone means that Revolut Bank UK will be able to start offering accounts as a fully licensed bank for both retail and business customers. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe,” Nik Storonsky, co-founder and CEO of Revolut, said.
Global Growth
Earlier this month, the company applied for a U.S. bank charter and appointed a new stateside CEO. If its applications are approved by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, Revolut plans to broaden its U.S. business to gather deposits, make loans, issue credit cards and facilitate payments.
Revolut, which has about 70 million clients in 40 countries, wants to ramp up its presence in the U.S. and abroad, potentially ahead of an IPO. Valued at $75 billion, the company is targeting 100 million customers in 100 countries.
The company plans to invest $13 billion over five years to support its international expansion, including doubling its workforce and entering more than 30 new markets by 2030.
There was chatter last year that Revolut is eyeing up a unique dual-listing in New York and London. If that took place, then it would be one for the history books as it would mark the first time a company had simultaneously listed in New York and entered London’s flagship FTSE 100 index.
However, no timing has been mentioned. Indeed, Revolut earlier this month declared that there was money available in private markets to help its growth plans.
What IPOs are in the Pipeline?
We may be jumping the gun on a Revolut IPO, but there are plenty of other companies looking to list. Let’s take a glance at our TipRanks IPO calendar.
