Revolut is leaning toward a US IPO
Hey Digital Banking Fanatic!
Revolut is making its IPO ambitions a little clearer.
CEO Nik Storonsky says that if the digital bank does go public, it would prefer a primary listing in the U.S., a notable shift from earlier plans that pointed toward a possible dual New York-London listing. There’s still no IPO on the immediate horizon, with reports suggesting 2028 at the earliest, and everything will depend on market conditions.
But the direction makes sense. Revolut is now valued at around $115 billion privately, making it Europe’s most valuable startup and putting it ahead of established banks like Barclays and Société Générale by market value. At the same time, Storonsky says the company wants to “dominate” the U.S. and plans to launch credit cards and loans once it receives a full banking charter.
So the IPO story is becoming less about whether Revolut can become a global bank, and more about where it wants public investors to value that ambition.
Meanwhile, Revolut is also putting $274 million into Singapore over the next five years, with profitability at the centre of the strategy. And in Hungary, some customers saw recent card payments unexpectedly refunded, apparently due to a system error rather than compromised cards.
Here’s what else is happening in digital banking today👇
See you on Monday!
Cheers,
INSIGHTS
💡 The Investors Behind the World’s Biggest Neobanks. A new overview from Multiples shows how the same investors keep appearing across the world’s leading neobanks, including Nubank, Revolut, Chime, Klarna, N26, and Monzo. TCV and Dragoneer each back 6 of the 9 companies, while GIC, Coatue, Tiger Global, and Sequoia also have multiple bets across the sector. Interestingly, many of these investors are sovereign wealth, growth equity, or crossover funds rather than traditional VCs, showing how institutional capital has increasingly shaped the global neobanking race.
NEWS
🇲🇽 SoFi Tech Solutions, Orbi and Mastercard partner to launch a crypto-linked card in Mexico. Orbi users will be able to spend crypto through physical and virtual cards, with conversion to fiat at checkout. SoFi provides card issuing and processing, while Mastercard enables purchases and ATM withdrawals through its network.
🇿🇦 Mukuru launches a neobank account and card in South Africa with Bank Zero and Mastercard. Customers can receive salaries, make real-time transfers, shop online and in-store, and withdraw cash. Bank Zero serves as the licensed sponsor bank, while Mastercard enables card payments, expanding Mukuru's services beyond remittances.
🇺🇸 Pliant sets its sights on the U.S. market. The Berlin-based FinTech has partnered with Coastal Financial as its U.S. sponsor bank, allowing it to issue cards across all 50 states without obtaining its own banking license. Pliant CEO Malte Rau said the partnership will help speed up its U.S. launch, with digital transfers and ACH payments planned as the company expands its offering. Pliant’s U.S. expansion and sponsor-bank partnership.
🇺🇸 Revolut favors US primary listing for potential IPO, CEO Nik Storonsky says. The company plans to roll out credit cards and loans once Revolut gets a full banking charter. The FinTech received preliminary approval for a US national banking licence in September.
🇸🇬 Revolut plans to invest $274M in Singapore over five years, with a focus on profitability. The investment will support product development, regional expansion and hiring. The firm lso plans to open a permanent office in early 2027 and grow its local workforce to more than 300 employees within three years, strengthening Singapore's role as its Southeast Asian hub.
🇭🇺 Revolut users in Hungary woke up to unexpected refunds, after recent card payments were reversed. Visa, Mastercard and Maestro transactions at Lidl, Rossmann and dm were reportedly affected. The incident appears to be a processing error rather than a security breach, though the cause remains unconfirmed.
🇪🇺 N26 expands Flexible Cash Fund access to all membership tiers. Customers can invest from €1 with unlimited deposits and withdrawals. The product is designed for customers seeking potential yield opportunities with limited risk alongside simple, flexible access.
🇳🇱 Backbase launches Conversational Banking for agentic AI. Customers and employees make requests by voice or text, and AI agents turn them into banking actions within bank defined permissions. Tasks include blocking and replacing a lost card or checking a payment. Requests needing human judgment go to employees with an overview of the agent's completed work.
🇮🇳 RBI removes Paytm Payments Bank from its list of scheduled banks. The move follows the cancellation of PPBL's banking licence in April for noncompliance with norms. The Delhi High Court later ordered that PPBL be wound up. The bank has now been excluded from the Second Schedule to the RBI Act, 1934.
🇪🇺 TrueLayer secures $27M from CDP Venture Capital to scale its European Pay by Bank network. The funding, led by the Italian investor alongside other backers, supports an account-to-account payment network serving over 30 million users across 22 countries. TrueLayer also plans to expand its Milan engineering team through 2027.
🇸🇬 Standard Chartered plans digital asset custody services in Singapore. The bank will offer custody for selected cryptoassets, stablecoins and tokenised assets, subject to regulatory requirements. The service targets institutional clients and accredited investor corporate clients and will complement its Financing & Securities Services business.
🇺🇸 Wells Fargo is in talks with Kraken parent Payward for crypto trading liquidity. Payward could become a crypto liquidity provider to Wells Fargo, according to two people with direct knowledge of the matter. The talks are ongoing and may not result in a deal. Wells Fargo previously advised Nasdaq on its $100M investment in Payward.
🇬🇧 Engine by Starling names Dr Jorg Howein as new chief product officer. Dr Howein brings almost three decades of banking and technology experience to Engine. The company CEO said Howein joins at a "defining moment" as the SaaS firm accelerates its product roadmap and international expansion efforts.
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