Nikolay Storonsky, CEO of fintech giant Revolut, has dismissed the idea of listing the company on the London Stock Exchange, calling it “not rational” compared to the US market.
In comments made during the 20VC podcast, Storonsky criticised the UK’s 0.5% stamp duty on share transactions and highlighted limited liquidity as key drawbacks for companies considering an initial public offering in London.
“The UK is less liquid, so it’s much worse compared to the US, plus it’s much more expensive because you pay stamp duty. It’s just not rational,” said Storonsky.
He noted that unless the UK offers a more competitive environment, the US market remains the logical choice for Revolut’s potential public debut.
Storonsky’s remarks come as the London Stock Exchange grapples with a significant exodus of companies.
A report from the Financial Times revealed that 88 firms have delisted or moved their primary listings from London’s main market in 2024, marking the largest outflow since the financial crisis.
Despite ongoing reforms to enhance London’s appeal, US exchanges continue to draw British firms with deeper capital pools and greater investor interest.
Revolut, recently valued at $45 billion, secured a provisional UK banking licence in June after a three-year wait.
However, Storonsky suggested that if he were to start Revolut today, he would choose the US as its base.
Meanwhile, the neobank continues to expand its footprint in digital assets. Its crypto-focused trading platform, Revolut X, launched in the UK earlier this year, has now been rolled out to 30 European markets.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.