Revolut CEO Storonsky says US is preferred primary listing for any future IPO
Revolut CEO Nik Storonsky told Bloomberg TV the firm would favour a US primary listing if it pursues an IPO, and wants to "dominate" the US market. Any listing is not expected before 2028.
1 / 2
The story, neutrally told
Mixed · 2Revolut chief executive and founder Nik Storonsky told Bloomberg TV on Thursday 8 October that the digital bank would favour a primary listing in the United States if it decides to pursue an initial public offering. CNAN “Revolut would favor a primary listing in the United States if the digital bank decides to pursue an initial pubic offering in the future” Read at CNA ↗ City A.M.RC “a primary listing in the US was “always the target, given the deep liquidity of the US market”” Read at City A.M. ↗ Centre · 1Storonsky said Revolut wants to "dominate" the US market and, according to CNA, plans to roll out credit cards and loans once it receives a full banking charter. CNAN “the firm wants to "dominate" the US market and plans to roll out credit cards and loans, once it receives a full banking charter” Read at CNA ↗ Right · 1City A.M. quotes him saying Revolut's offering "will be at par with Amex or JPMorgan Chase", with products the incumbents do not have. City A.M.RC ““Our offering will be at par with Amex or JPMorgan Chase,” the fintech chief said” Read at City A.M. ↗
Mixed · 2Revolut received preliminary (conditional) approval from the US Office of the Comptroller of the Currency for a national bank charter in September, after securing licences in Britain and France earlier this year. CNAN “Revolut received preliminary approval for a national banking licence in the United States in September, after getting licences in Britain and France earlier this year.” Read at CNA ↗ City A.M.RC “received conditional approval from the Office of the Comptroller of the Currency (OCC) for its American national bank charter in September” Read at City A.M. ↗ Mixed · 2Storonsky had earlier told French newspaper Les Echos that Revolut was looking at a dual listing in New York and London; City A.M. says he made clear he preferred the US, citing a larger market with institutional investors, hedge funds and many individual investors. CNAN “the bank was looking into a dual stock market listing in New York and London” Read at CNA ↗ City A.M.RC “opened the door to a dual listing in New York and London, but made clear he “prefered” the US” Read at City A.M. ↗ Centre · 1Revolut is privately valued at $115 billion, making it Europe's most valuable startup and worth more than Barclays and Societe Generale, according to CNA. CNAN “Valued at $115 billion privately, Revolut is now worth more than Britain's Barclays and France's Societe Generale.” Read at CNA ↗
Mixed · 2Any listing is still likely to be at least a year away and subject to market conditions; CNA cites past reports pointing to 2028, while City A.M. says Storonsky has reiterated that no IPO is being considered before 2028 at the earliest. CNAN “Any eventual listing is still likely to be at least a year away, with past media reports citing 2028” Read at CNA ↗ City A.M.RC “Storonsky has reiterated no IPO is being considered before 2028 at the earliest.” Read at City A.M. ↗ Right · 1City A.M. describes the comments as a snub to the London Stock Exchange and a blow to ministers and exchange executives who have courted the firm, and notes Airtel Money's London IPO this week at a £5.3bn valuation, the largest in five years. City A.M.RC “in a snub to the London Stock Exchange after a years-long charm offensive”“launched its public offering on the London market this week at a valuation of £5.3bn making it the largest IPO in five years” Read at City A.M. ↗ Right · 1City A.M. adds that Revolut's earlier US bid, a state-level permit sought via California regulators in March 2021, was withdrawn by late 2023 after regulatory friction, including a $20m loss from a payment system flaw and concerns over internal financial controls. City A.M.RC “The initial effort ultimately stalled and was withdrawn by late 2023 following years of regulatory friction, including a $20m loss due to a flaw in its US payment system” Read at City A.M. ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre1 outlet
- Framing
- Brief, factual business report of the Bloomberg TV remarks, focused on the listing preference and US expansion.
- Emphasis
- US banking charter, valuation versus Barclays and Societe Generale, timing of any IPO.
- Leaves out or plays down
- Does not discuss London's efforts to win the listing or Revolut's earlier failed US bid.
- For example
-
“Revolut is now worth more than Britain's Barclays and France's Societe Generale.” — CNA
Right1 outlet
- Framing
- Frames the remarks as a setback for London's ambitions to attract big listings.
- Emphasis
- London Stock Exchange courtship, Airtel Money's London IPO, Revolut's past US regulatory troubles.
- Leaves out or plays down
- Does not mention the comparison with Barclays and Societe Generale or the planned credit cards and loans.
- Charged language
- “snub”“charm offensive”“a blow”
- For example
-
“in a snub to the London Stock Exchange after a years-long charm offensive” — City A.M.
What every side reports
- Storonsky told Bloomberg TV Revolut favours a US primary listing for any future IPO.
- He said Revolut wants to 'dominate' the US market.
- Revolut got preliminary/conditional US national bank charter approval in September.
- Revolut is valued at about $115 billion privately.
- No listing is expected before 2028.
Where accounts differ
-
Significance for London
- Centre
- CNA reports the preference neutrally and notes earlier talk of a dual New York and London listing.
- Right
- City A.M. calls it a snub to the London Stock Exchange and a blow to ministers' and exchange bosses' efforts.
Nik Storonsky person
Says a US primary listing was always the target because of the market's deep liquidity, and aims to dominate the US market; no IPO before 2028.
““always the target, given the deep liquidity of the US market”” — City A.M.
“the firm wants to "dominate" the US market” — CNA
Revolut organisation
Expanding in the US after conditional national bank charter approval, with plans for credit cards and loans once fully chartered.
“plans to roll out credit cards and loans, once it receives a full banking charter” — CNA
London Stock Exchange organisation
Per City A.M., it and ministers have courted Revolut for a London listing; no statement from the exchange is reported.
“efforts of ministers and London Stock Exchange bosses, who have courted the firm” — City A.M.
East and Southeast Asia1 outlet
CNA reports the preference as a business item without a London angle.
“Revolut would favor a primary listing in the United States” — CNA
CNA
UK and Ireland1 outlet
City A.M. treats it as a loss for the London market.
“mark a blow to the efforts of ministers and London Stock Exchange bosses” — City A.M.
City A.M.
Left0 articles
No coverage yet.
Centre1 article
-
CNAN ·
Revolut favors US primary listing for potential IPO, CEO says
Neutral Concise report of Storonsky's Bloomberg TV remarks with valuation and timing context.
Right1 article
-
Revolut boss says US primary listing was ‘always the target’
Critical Presents the remarks as a snub and blow to London's listing efforts.
- 8 Oct 18:15 First CNAN Revolut favors US primary listing for potential IPO, CEO says
- 9 Oct 10:13 +15h 58m City A.M.RC Revolut boss says US primary listing was ‘always the target’
Times are when each article was published, or when we first saw it if the outlet gave no time.