Revolut is targeting a valuation of as much as $200 billion in a future stock market listing, according to a Financial Times report, putting one of Europe’s biggest fintech names in the conversation for one of the decade’s largest IPO candidates.

The company is not expected to go public before 2028, but recent comments from CEO Nik Storonsky show the listing path is no longer theoretical.

Storonsky said in a Bloomberg interview that Revolut wants to go public, but not until at least 2028. He framed a future listing as important for trust, a notable point as Revolut leans further into being seen not just as a payments app, but as a full scale bank.

The timing of the valuation talk matters because Revolut has spent the past several weeks stacking up the milestones needed to justify a much bigger public market story.

On March 11, the company said the UK Prudential Regulation Authority had lifted restrictions on its licence and approved the launch of Revolut Bank UK Ltd, allowing it to roll out protected deposit accounts and expand banking services for its 13 million UK customers.

That banking push is already feeding the numbers. Revolut reported 2025 revenue of £4.5 billion, up 46% year over year, while profit before tax rose 57% to £1.7 billion. The company said retail customers climbed 30% to 68.3 million, business customers rose 33% to 767,000, and customer balances jumped 66% to £50.2 billion.

Those results help explain why investors are entertaining a much higher number than the company’s last major benchmark. Revolut was valued at $75 billion in its November secondary transaction, up from $45 billion in 2024.

Bloomberg also reported in February that the company was weighing another share sale in the second half of 2026 that could push its valuation above $100 billion.

The company is also widening its geographic banking ambitions. Revolut announced on March 5 that it had filed for a US bank charter and appointed former Visa executive Cetin Duransoy as its US CEO, part of a broader effort to deepen its North American footprint.