Revolut CEO Nikolay Storonsky has bashed the prospect of listing shares in the UK over the US, in the latest blow to the London Stock Exchange. 

Storonsky, who co-founded the fintech with Vlad Yatsenko in 2015, said it was “not rational” to opt to float in Britain, given the advantages of the US public markets. 

“The problem with the UK is, if you think about it versus the US, it is much more illiquid, and trading in the US is free,” the Revolut boss said on the 20VC podcast. 

“So I just don’t understand how the product which is being provided by the UK can compete with the product that is being provided by the US.” 

London-based Revolut has become Europe’s most valuable private tech company, worth $45bn as of August. 

In less than a decade, the fintech acquired more than 50 million customers worldwide – and celebrated with one of the UK’s biggest popstars. 

The meteoric rise of Revolut has made its eventual IPO hotly anticipated and with the stagnant growth in the London markets, where there have been more delistings this year than tech IPOs, losing out on what will be the biggest public offering from a British tech firm since Arm will be a tough pill to swallow. 

“It is less liquid so it is much worse compared to the US. Plus it is more expensive because you pay stamp duty. It is just not rational,” Storonsky said. 

The fintech chief executive didn’t go so far as to entirely rule out Revolut listing in the UK, saying if down the line it made more sense to do so he would, however, as it stands he doesn’t see an advantage over America. 

“If I get a better product from the UK I will list in the UK, so far, if you just compare…one is far better than the other.”

In much the same way as Arm was courted by Rishi Sunak to float in London when Revolut does start to approach a public float, it will likely be heavily lobbied by the UK government.

Three Conservative prime ministers trying one after another wasn’t enough to convince Arm to return to the London Stock Exchange, so when these talks inevitably happen with Revolut, Keir Starmer and his Treasury will have their work cut out.

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