Nik Storonsky, the billionaire CEO and co-founder of Revolut, hasn’t minced words about where he sees his company’s future on the stock market—and it’s not in London. Speaking on the 20VC podcast, Storonsky expressed a strong preference for taking Revolut public in the United States. The reason? According to him, the UK stock market simply can’t compete with its US counterpart in terms of liquidity and cost efficiency.
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“The problem with the UK,” Storonsky explained during the interview with podcast host Harry Stebbings, “is that the US stock market offers significantly more liquid assets, and trading there is free. In the UK, you’re still paying a stamp duty of 0.5% on transactions. I just don’t see how the product offered by the UK can rival what’s available in the US. It’s less liquid and much more expensive—it’s simply not rational.”
Storonsky’s comments come as a blow to London’s financial hub, which has struggled to retain its appeal amid a wave of companies opting to list on foreign exchanges.
Operating Like a Public Company Without the IPO Pressure
Despite his criticisms of the UK market, Storonsky emphasized that Revolut is already run with the rigor of a public company. “We operate under tighter controls than most public companies, given the regulatory demands of being a fintech,” he said. For now, however, Storonsky isn’t in a rush to take the company public, indicating that an IPO will happen “sooner or later” to allow venture capital investors to exit in a market with more liquidity.
Revolut, which recently reached a valuation of $45 billion following a secondary share sale, continues to see rapid growth and ambitious expansion. While an IPO isn’t imminent, speculation is mounting that when the company does go public, it will be one of the most high-profile listings of the decade.
The UK’s Stamp Duty Problem
One of Storonsky’s main grievances with the UK stock market is the stamp duty—a 0.5% tax on share transactions that applies to UK-listed companies but not to international investments. This policy, according to critics, places UK businesses at a disadvantage, pushing investors to favor foreign markets like the US, where trading costs are lower or even non-existent.
Alastair King, the new Lord Mayor of London, has also called for reform. Speaking earlier this month, King remarked, “It doesn’t make sense that we don’t pay taxes on buying shares in international companies like Tesla, but we’re taxed for investing in British brands like Aston Martin. Fixing this imbalance would provide a much-needed boost to local businesses seeking to grow.”
King’s remarks echo a growing sentiment among UK financial leaders that the stamp duty tax is outdated and hinders London’s ability to compete with global markets.
The UK Market Faces Growing Competition
If Revolut does choose to list in the US, it will be yet another high-profile loss for the London Stock Exchange, which has seen a steady stream of companies opting for foreign listings in recent years. This trend has highlighted the challenges facing the UK financial sector as it seeks to modernize and remain competitive post-Brexit.
The UK government has introduced several reforms aimed at making London’s financial markets more attractive, but so far, the reception has been mixed. Investors continue to cite concerns over high costs, lower liquidity, and regulatory hurdles as reasons to favor US stock exchanges like the Nasdaq or the NYSE.
What an IPO Means for Revolut’s Future ?
Storonsky’s outspoken views reflect more than just frustration with the UK market; they underline his ambition for Revolut to become a truly global brand. With its focus on financial technology and digital banking, Revolut has already disrupted traditional banking models and amassed millions of users worldwide. A US IPO would not only provide greater access to liquidity but could also cement its reputation as a fintech giant on the world stage.
For now, Revolut remains one of the UK’s most valuable startups, but its potential departure to the US stock market raises important questions about London’s ability to retain its most innovative companies. As Storonsky bluntly puts it, the UK market needs to step up—or risk losing even more of its brightest stars.
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