After gaining a restricted banking license in the U.K. in July, Revolut is reportedly working to build out its banking operations there, expand globally and then launch an initial public offering (IPO).
The company aims to become a global financial services app, Revolut U.K. CEO Francesca Carlesi told the Wall Street Journal in an interview posted Tuesday (March 18).
Revolut’s app currently lets users make payments, trade assets and hold money, according to the report.
When Revolut U.K. finishes building and testing its banking operations — a process that usually takes companies about 12 months — it will seek British regulators’ approval to transfer its users to its new banking entity this summer and then expand its offering to include loans, overdrafts and mortgages, the report said.
The company already has a European banking license and operates in dozens of countries, per the report.
After gaining some more banking licenses around the world, it plans to accelerate its growth in the U.S., where it currently has 1 million customers but still has low brand recognition, the report said.
Industry insiders expect Revolut to launch an IPO in 2026, but the company has not confirmed its plans, according to the report. It was valued at $45 billion in a secondary share sale in November.
Carlesi told the WSJ that the company is well capitalized. “We can prepare for this properly and pick the right moment,” she said, per the report.
It was reported in February that investors in Revolut are pressing the company to consider a secondary share sale that would meet the demand of new investors for a stake in the company and would value the company at $60 billion.
A source told Bloomberg that Revolut is preparing to report roughly $1 billion in profit before tax for 2024, a figure that would be its highest profit ever, up from the $545 million it reports in 2023.
On Thursday (March 13), it was reported that Revolut was hiring 100 new staffers as it prepares to expand its U.K. banking business. The company expects to have a staff of around 200 by the end of the year.
