Revolut CEO Targets Billions of Dollars in Sales Before IPO
(Bloomberg) -- Financial technology startup Revolut Ltd. needs to achieve billions of dollars in annual sales before it can go public, Chief Executive Officer and co-founder Nik Storonsky said on Bloomberg Television.
“To be able to IPO successfully we need to be at least in the few billion dollars range of revenue a year,” Storonsky said Wednesday. Adjusted revenue was 261 million pounds ($359 million) last year, when it made an operating loss of 201 million pounds.
Revolut’s products include bank accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools. It’s the U.K.’s most valuable startup and among the best-funded fintechs in Europe. Rivals such as Klarna Bank AB and Wise Plc have also seen their valuations jump over the past year.
London-based Revolut raised $800 million from investors in July at a $33 billion dollar valuation to expand into new products and markets including the U.S. and India. While Storonsky said there is no timing yet for a potential market debut, “we’re obviously a venture-funded company so at a certain point of time it will happen.”
He said financial services providers will need to offer a multitude of services.
“In the future we’ll see more and more companies entering into a business model where they sell a lot of products rather than a single-line product,” he added.
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