Revolut vs Wise

Revolut plans dual US and UK listing, targeting $200 billion valuation

Revolut, the London-based neobank, is considering a dual stock market listing in New York and London, with co-founder and CEO Nik Storonsky revealing the plans in an interview with Les Echos. The company is targeting a valuation of up to $200 billion for its IPO, expected no earlier than 2028. Storonsky expressed a preference for the US market due to its larger investor pool, but aims to maintain a presence in London. This move follows similar actions by Wise, which moved its primary listing to New York. Revolut was last valued at $75 billion in a funding round, so the target valuation would require nearly tripling its value. The company's US expansion, including conditional approval for a US banking license, is seen as a key factor for the IPO's success. Revolut plans to invest around €2.3 billion annually in growth through 2030.

• Revolut is considering a dual listing in New York and London, targeting a valuation of up to $200 billion.
• The IPO is expected no earlier than 2028, with CEO Nik Storonsky preferring the US market.
• Revolut was last valued at $75 billion in a funding round.

Revolut Data Breach: Criminals Posed as Italian Police

British neobank Revolut fell victim to a sophisticated social engineering attack where criminals impersonated an Italian government authority to request customer data. Approximately 680 customers across various countries, including Germany, were affected, with data such as identity documents, contact details, and transaction histories exposed. A group named 'Iamnotavillain' claimed responsibility and demanded a $3 million ransom in Monero, but Revolut said it had no direct contact. Other groups made similar claims. The attackers exploited a compromised or cloned email account within Italy's certified PEC email system, which financial institutions are legally obliged to respond to. Revolut stated its own systems were not compromised and no customer funds were lost. The incident raises concerns about the trustworthiness of official email domains and the need for enhanced verification processes.

• Revolut suffered a data breach affecting about 680 customers, including Germans, via a fake government request.
• Criminals impersonated an Italian law enforcement agency using a compromised or cloned PEC email account.
• Exposed data included identity documents, contact details, addresses, and transaction histories, including Bitcoin transactions.

Revolut Applies for Swiss Banking License, Plans Local Banking Push

Revolut has applied to the Swiss Financial Market Supervisory Authority (FINMA) for a banking license, aiming to establish a standalone Swiss bank. The company, with over 1.3 million Swiss customers, plans to invest over 150 million Swiss francs over five years. A license would enable local services like Swiss IBANs, salary accounts, eBill, merchant payments, and eventually Pillar 3a retirement savings and TWINT integration. Currently, Swiss IBANs are backed by Lithuania-based Revolut Bank UAB using PostFinance infrastructure. This move adds to existing licenses in Lithuania and France. Additionally, Revolut is addressing a security incident where attackers used fake government requests to obtain customer data, including crypto users. The company states its systems and funds were not affected. The application is pending FINMA approval.

• Revolut applied to FINMA for a Swiss banking license.
• Revolut has over 1.3 million customers in Switzerland.
• Revolut plans to invest over 150 million Swiss francs in Switzerland over five years.

Revolut plans dual US and UK listing, targeting $200 billion valuation

Revolut, the London-based neobank, is considering a dual stock market listing in New York and London, with co-founder and CEO Nik Storonsky revealing the plans in an interview with Les Echos. The company is targeting a valuation of up to $200 billion for its IPO, expected no earlier than 2028. Storonsky expressed a preference for the US market due to its larger investor pool, but aims to maintain a presence in London. This move follows similar actions by Wise, which moved its primary listing to New York. Revolut was last valued at $75 billion in a funding round, so the target valuation would require nearly tripling its value. The company's US expansion, including conditional approval for a US banking license, is seen as a key factor for the IPO's success. Revolut plans to invest around €2.3 billion annually in growth through 2030.

• Revolut is considering a dual listing in New York and London, targeting a valuation of up to $200 billion.
• The IPO is expected no earlier than 2028, with CEO Nik Storonsky preferring the US market.
• Revolut was last valued at $75 billion in a funding round.

Wise launches 2026 Q2 Mission Update: Price

Wise reduced fees saving customers ~£23m per year as part of its mission to build the best way to move and manage money.

Revolut Wins US Bank Charter, Wise Rejected

The OCC granted Revolut a conditional US bank charter, while rejecting Wise's application earlier in July. This regulatory divergence signals a shift in how US authorities are assessing foreign fintechs. Revolut, with 80 million users, a proprietary AI model trained on 40 billion banking events, and $2.3 billion in pretax profit, gains a federal on-ramp into American banking. The approval is seen as a strategic advantage, particularly through its PRAGMA credit-risk model, which no US neobank can replicate or acquire. This event potentially marks the decline of the sponsor-bank model for major fintechs, as larger players may now pursue their own charters. The article also discusses Anthropic's move to build in-house payments infrastructure, citing its rapid revenue growth from $9B to $65B annualized in seven months, making off-the-shelf billing inadequate. This includes insights into AI-specific fraud challenges and Stripe's $7B+ counter-move with OpenRouter.

• The OCC approved Revolut's conditional US bank charter.
• The OCC rejected Wise's US bank charter application in July.
• Revolut has 80 million users and $2.3 billion in pretax profit.