According to Odaily, Revolut's CEO Nikolay Storonsky has dismissed the idea of listing on the London Stock Exchange, citing it as "unreasonable" compared to the U.S. market. In a recent 20VC podcast, Storonsky criticized the UK's 0.5% stamp duty on stock trades and highlighted the limited liquidity as a significant drawback for companies considering an IPO in London. "The liquidity in the UK is much poorer, making it far less attractive than the U.S., and the stamp duty makes listing costs significantly higher in the UK. It's unreasonable," Storonsky stated. He emphasized that unless the UK offers a more competitive environment, the U.S. market remains a logical choice for Revolut's potential public listing.
Storonsky's comments come at a time when the London Stock Exchange is grappling with a significant outflow of companies. According to the Financial Times, 88 companies have delisted or moved their primary listings from London's main board in 2024, marking the largest capital outflow since the financial crisis. Despite ongoing reforms in the UK to enhance its appeal, U.S. exchanges continue to attract British companies with deeper capital pools and greater investor interest. Revolut, recently valued at $45 billion, received a temporary UK banking license in June after a three-year wait. However, Storonsky mentioned that if he were to start Revolut today, he would choose the U.S. as its base.
Meanwhile, the fintech giant continues to expand its operations in the digital asset sector. Its cryptocurrency-focused trading platform, Revolut X, launched earlier this year in the UK, has now been extended to 30 European markets.
