Revolut Delays IPO to 2028 and Focuses on U.S. Banking License and B2B Expansion
Revolut CEO Nik Storonsky said the company expects a public listing no earlier than 2028. In a recent interview, he outlined two near-term priorities: securing a U.S. banking license and expanding the B2B business.
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He noted that public companies tend to carry more trust, particularly in banking. “We’re a bank, and for a bank, it’s super important to have trust. Public companies are trusted more compared to private companies.” he said in the interview with Bloomberg.
Revolut’s Trading Model Relies on External Infrastructure
Revolut’s multi-asset trading feature is presented as a consumer product, but the underlying execution layer is provided by CMC Connect, the institutional arm of CMC Markets. CMC handles pricing, execution, clearing, and risk, while Revolut controls the interface and the client relationship.
This setup allows the company to offer trading products without building its own execution infrastructure. It also reflects a model in which consumer platforms integrate institutional capabilities through external providers.
The B2B Segment Continues to Expand
Revolut Business serves hundreds of thousands of corporate clients and generates over $500 million in annual revenue, roughly 16% of group income. The company recently launched Revolut BillPay, a supplier payment platform operating across 150 jurisdictions, extending its treasury, payments, and FX capabilities.
At the group level, Revolut reported $6 billion in revenue and $2.3 billion in profit for 2025, with a 38% margin. More than 10 product lines each generated over $100 million, indicating a diversified revenue base across services.
Our 2025 pre-tax profit of $2.3B marks our fifth straight year of profitability.We’re proving that high-speed innovation and financial sustainability go hand-in-hand.This resilience is powered by a diversified ecosystem: 11 of our business and retail products each generated…
— Revolut (@Revolut) March 24, 2026
U.S. Banking License Remains a Key Objective
Revolut received its UK banking license in March and has submitted an application for a U.S. banking charter. According to Storonsky, the current policy environment is more accommodating for fintech firms. A U.S. license would provide access to Federal Reserve payment systems and support the rollout of lending and credit products
Revolut processed approximately $1.7 trillion in transaction volume in 2025, reflecting the scale of activity across its retail and business segments.
The company is operating across payments, FX, trading, and business services within a single platform.
Its use of external infrastructure providers, combined with internal product distribution, positions it within a broader shift toward integrated financial platforms.
For brokers, this model raises questions around distribution, partnerships, and competition. Platforms with direct client access and integrated product suites are expanding their role in areas traditionally served by standalone providers.
This article was written by Tanya Chepkova at www.financemagnates.com.
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