Revolut has quietly reset the ambition line for the largest European fintech listing of the decade. The London-based digital bank is now targeting a valuation of up to $200 billion when it eventually goes public, according to a Financial Times report widely followed up by Reuters, TechCrunch and PYMNTS.
The figure represents a near-tripling of the $75 billion mark Revolut set in a secondary share sale just five months ago, in November 2025, and is almost five times the $45 billion valuation the company carried in 2024. No other private European fintech has escalated its self-assessed worth at anything like this pace inside eighteen months.
The reporting points to a $150 billion to $200 billion range for the eventual IPO, with a secondary share sale expected in the second half of 2026 at above $100 billion serving as a stepping stone. Co-founder and chief executive Nik Storonsky told Bloomberg earlier in the year that the public listing itself is "two years away," placing the target window around 2028.
What makes the $200 billion figure more than a negotiating anchor is how it ties into Storonsky's own pay. The Revolut founder's incentive package, according to people briefed on its structure, is modelled on the controversial performance-based deal Elon Musk negotiated at Tesla. Share grants only vest as successive valuation milestones are hit, with the largest tranches releasing at the top of the target range.
On paper, reaching $200 billion would leave Storonsky with a stake worth approximately $80 billion and give him an effective ownership share close to 40 per cent of the business, placing him among the wealthiest individuals in the world on paper. That outcome is tightly coupled to the IPO narrative: the higher the listing mark, the more of the founder's pay converts into realised equity.
The operating numbers give the valuation thesis something to stand on. Revolut's 2025 financials, disclosed alongside the November share sale, showed revenue rising to $6 billion from $4 billion a year earlier, with net profit expanding to $1.7 billion from $1 billion. The customer base reached 68.3 million retail users by year-end, a figure that rivals the European deposit-taking scale of several incumbent lenders.
The comparison most investors are now running is not with other fintechs but with large-cap US money-centre banks. Revolut's 2025 net profit of $1.7 billion puts it inside the mid-tier of European listed banks by bottom-line scale. A $200 billion equity valuation would price it at approximately 118 times trailing earnings — a multiple only justifiable if the business is modelled as a technology platform with continued hyper-growth rather than as a bank.
That framing is precisely the argument Storonsky has been making publicly. In his telling, Revolut's Lithuanian banking licence, FCA scrutiny and 68-million-plus customer base make it structurally different from US fintech peers that remain sub-scale in core deposit products. Supporters inside European VC circles argue Revolut has built, essentially uncontested, what Wise, N26 and Monzo tried and failed to build at the same scale.
Sceptics are just as quick to note that the $200 billion target lands at a point in the cycle when secondary valuations have been elevated across the board, and when previous attempts to IPO at stretched multiples — Klarna's lower-than-expected 2024 price range, the post-listing performance of several US fintech debuts — have not generally rewarded founders who pushed for the top of the band.
The UK government is watching the decision closely. City of London officials have lobbied hard for a London primary listing as a signal that UK capital markets can still host the largest European technology floats after Arm chose New York. Revolut has not publicly ruled out a US listing, and the FT reporting leaves the venue open. A decision to list outside London at a valuation north of $150 billion would be interpreted as another structural blow to the London Stock Exchange's large-cap pipeline.
For fintech investors globally, the Revolut mark-up also functions as a pricing event. Secondary marketplaces now have a $200 billion top-of-range datapoint to reference when setting implied multiples for other European digital banks, buy-now-pay-later platforms and payment infrastructure companies seeking to raise in the back half of 2026. Whether the target holds through to listing day is a separate question. For now, Revolut has set the anchor.