Revolut CEO blasts London Stock Exchange as ‘not rational,’ eyes US for IPO

Nikolay Storonsky, CEO of fintech elephantine Revolut, has dismissed the thought of listing the institution connected the London Stock Exchange, calling it “not rational” compared to the US market.

In comments made during the 20VC podcast, Storonsky criticised the UK’s 0.5% stamp work connected stock transactions and highlighted constricted liquidity arsenic cardinal drawbacks for companies considering an archetypal nationalist offering successful London.

“The UK is little liquid, truthful it’s overmuch worse compared to the US, positive it’s overmuch much costly due to the fact that you wage stamp duty. It’s conscionable not rational,” said Storonsky.

He noted that unless the UK offers a much competitory environment, the US marketplace remains the logical prime for Revolut’s imaginable nationalist debut.

Storonsky’s remarks travel arsenic the London Stock Exchange grapples with a important exodus of companies.

A study from the Financial Times revealed that 88 firms person delisted oregon moved their superior listings from London’s main marketplace successful 2024, marking the largest outflow since the fiscal crisis.

Despite ongoing reforms to heighten London’s appeal, US exchanges proceed to gully British firms with deeper superior pools and greater capitalist interest.

Revolut, precocious valued astatine $45 billion, secured a provisional UK banking licence successful June aft a three-year wait.

However, Storonsky suggested that if helium were to commencement Revolut today, helium would take the US arsenic its base.

Meanwhile, the neobank continues to grow its footprint successful integer assets. Its crypto-focused trading platform, Revolut X, launched successful the UK earlier this year, has present been rolled retired to 30 European markets.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email astatine [email protected].