Revolut's Dual London-New York IPO: A Feasible $75B Leap or a Market Stretch?

Revolut, the London-based fintech giant, is poised to make history with its ambitious dual initial public offering (IPO) plans in London and New York, targeting a staggering $75 billion valuation. This move, if executed, would mark the first time a company simultaneously lists in the FTSE 100 and on Wall Street, a feat that has sparked intense debate among investors and analysts. The question at the heart of this discussion is whether the market is ready to support such a valuation and whether Revolut's strategic trajectory justifies the leap.

Financial Performance: A Foundation of Growth

Revolut's financials in 2025 underscore its rapid ascent. The company reported a 46% year-on-year revenue increase in Q2 2025, reaching £1.01 billion, with annual revenue projected to exceed £4.1 billion, according to an Invezz report an Invezz report. Its pretax profit for 2024 surged to $1.4 billion, a 148% increase from 2023, driven by robust growth in interest income from deposits and card transaction fees, according to a Forbes article Forbes article. The wealth division, bolstered by crypto trading via Revolut X, saw a 298% revenue jump to $647 million, reflecting the fintech's successful pivot into high-growth segments, per Fintech Weekly Fintech Weekly.

These figures position Revolut as a rare fintech that has achieved consistent profitability while scaling. Its net profit margin improved from 19% in 2023 to 26% in 2024, outpacing many peers, according to Revolut's 2024 results Revolut's 2024 results. Such operational efficiency, combined with a user base of 52.5 million in 2024 and a 38% year-on-year growth in active users, per Statista Statista, suggests a strong foundation for an IPO.

Historical data reveals that Revolut's earnings surprises have historically driven positive market reactions. For instance, in Q1 2023, the company exceeded analyst estimates by 3.9% in revenue and 5.1% in earnings per share (EPS), triggering a 5.1% stock price increase from the previous week, as noted in the Invezz piece (https://invezz.com/news/2025/09/16/revolut-post-record-growth-as-fintech-eyes-75-billion-valuation-and-us-expansion/). This pattern of outperforming expectations has reinforced investor confidence, with revenue growth forecasts aligning with the software industry's average of 12% annually over the next three years (https://invezz.com/news/2025/09/16/revolut-post-record-growth-as-fintech-eyes-75-billion-valuation-and-us-expansion/).

Valuation Sustainability: A High-Stakes Bet

The $75 billion valuation target, however, raises eyebrows. As of March 2025, Revolut's valuation stood at $48 billion, an 85% increase from its 2024 valuation of $45 billion, according to a Yahoo Finance report Yahoo Finance report. To reach $75 billion, the fintech would need to command an enterprise value (EV)/revenue multiple of approximately 18.75x, significantly higher than the sector average of 4.2x in Q3 2025, per Windsor Drake data Windsor Drake. While payments-focused fintechs can trade at 5x–10x revenue multiples, according to First Page Sage First Page Sage, Revolut's diversified model-including crypto, wealth management, and AI-driven services-could justify a premium.

Comparative benchmarks offer mixed signals. Klarna, for instance, is projected to achieve a 6.6x multiple in public markets, according to FintechPrimeTime FintechPrimeTime, while Chime's valuation would likely contract to 5.2x in 2025, per the FintechTris recap FintechTris recap. Revolut's unique value proposition-its hybrid digital-physical banking model, global expansion plans, and regulatory progress (e.g., pursuing a UK banking license)-may attract investors seeking exposure to a "bank of the future." However, the market's recent skepticism toward high-growth fintechs, exemplified by the post-IPO underperformance of companies like Chime and Robinhood, cannot be ignored, according to a Trillionize analysis Trillionize analysis.

Market Readiness: Dual Listing Dynamics

Revolut's dual IPO strategy leverages favorable conditions in both markets. The UK's fast-track FTSE 100 entry process, which allows firms to join the index within five days of listing, has made London an attractive hub for high-profile debuts, per a CoinDesk report CoinDesk report. Meanwhile, New York's deep liquidity and appetite for fintech innovation-evidenced by recent IPOs like BitGo and Figure Technology Solutions-provide a complementary avenue for capital raising, as covered by vTrader vTrader article.

The UK government's pro-business stance, led by Chancellor Rachel Reeves, further sweetens the deal. Regulatory reforms and tax incentives aim to position the UK as a global fintech leader, aligning with Revolut's "home country" narrative, according to NAI 500 NAI 500. In the U.S., Revolut's $500 million investment and job creation plans signal a commitment to long-term market integration, as reported by Invezz (https://invezz.com/news/2025/09/16/revolut-post-record-growth-as-fintech-eyes-75-billion-valuation-and-us-expansion/).

Risks and Realities

Despite these tailwinds, challenges loom. The fintech sector's valuation multiples have normalized in 2025, with investors prioritizing profitability over speculative growth, per FinroFCA FinroFCA. Revolut's $75 billion target would require sustained revenue growth and margin expansion, particularly as competition intensifies from rivals like Wise, N26, and Chime. Additionally, macroeconomic headwinds-such as interest rate volatility and crypto market fluctuations-could dampen investor enthusiasm.

Conclusion: A Calculated Gamble

Revolut's dual IPO represents a calculated gamble. Its financial performance, strategic diversification, and regulatory progress provide a compelling case for a $75 billion valuation. However, the sustainability of this valuation hinges on the fintech's ability to maintain profitability, navigate regulatory complexities, and outperform peers in a maturing market. For investors, the dual listing offers an opportunity to bet on a company poised to redefine global banking-but with the caveat that the road ahead is fraught with both promise and peril.