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September 2 2021

Nik Storonsky targets billions of $ in sales before IPO

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Digital bank Revolut still needs billions of dollars in annual sales before it can go public, according to a Bloomberg report.

“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.

Read also: Comparison of the biggest Banking players in US vs Europe – UX and feature-wise

Revolut’s adjusted revenue was 261 million pounds ($359 million) last year as the company made an operating loss of 201 million pounds.

This July, Revolut managed to raise $800 million from investors, valuing the company at $33 billion. The money will be mostly used on expansion.

Just recently Revolut launched a new feature called Payday to let some customers access 50% of their salary a day earlier. Cryptocurrency trading has also become a huge part of Revolut’s feature offering since the start of the pandemic.

Although Storonsky mentioned 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.” 

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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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