Revolut is plotting a dual stock market listing in London and New York.
The digital bank, valued at $115bn (£85bn), has previously shied away from committing to a UK float. However, Nik Storonsky, its founder, said it was considering the London Stock Exchange (LSE) for the first time on Thursday.
Such a move would be a major boost for the UK market, which has been hit by an exodus of companies and a drought of new listings.
Vue, the cinema chain, is also exploring plans to list on the LSE, its chief executive Tim Richards told the Financial Times. He said there was “too much gloom” around the London market and hoped to debut its shares in the UK.
A London float of Revolut would make it one of Britain’s largest listed companies, putting it on a par with FTSE 100 giants including Barclays, BP and GSK.
Mr Storonsky said that although Revolut would list in London, he still wanted it to have a presence on Wall Street “because it’s a larger market”.
He said: “We have the choice between selling in a small market with few buyers, or in a gigantic market with a huge number of buyers who will compete fiercely for our shares. Therefore, yes, we prefer the United States.
“In reality, we are currently planning a dual listing, on the London Stock Exchange and the Nasdaq.
“If you truly have a strong brand in the United States, with a popular and accessible product, your customers will also participate in the [initial public offering], which will have a positive effect on our market capitalisation.”
UK ‘less liquid’
Mr Storonsky has previously dismissed the possibility of a London float, arguing that it was “not rational” to list in Britain because of the 0.5pc stamp duty charged on purchases of shares.
Two years ago, he said: “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.”
Earlier this year, Mr Storonsky said any listing of Revolut would only happen by 2028 at the earliest. A source close to Revolut said a float would be subject to market conditions.
Mr Storonsky, who was born in Russia, started Revolut in London in 2013. The company has since grown to become one of Europe’s largest and most valuable online banks.
He later renounced his Russian citizenship in 2022 in the wake of Vladimir Putin’s invasion of Ukraine.
Mr Storonsky has previously criticised Britain’s “extremely bureaucratic” regulators, while claiming “it’s hard to do business in the UK”.
Revolut was awarded a full UK banking licence in March this year, having first applied to become a full bank in 2021.