Revolut founder Nik Storonsky has effectively put the kibosh on a London-based initial public offering for the London-headquartered fintech giant.
In a wide-ranging interview on the 20VC podcast, Storonsky repeated numerous grievances with the UK listing regime that have been echoed by leaders of small and large businesses in recent years.
Asked if Revolut would consider a London listing, he said: “I just don’t understand how the product which is being provided by the UK can compete with the product provided by the US.”
He highlighted superior liquidity and a less financially burdensome listing regime as obvious advantages.
The UK listing regime is “much worse than the US, plus it’s much more expensive… It’s just not rational (to list in London).”
Storonsky specifically highlighted the 0.5% stamp duty tax imposed on the transactional value of share purchases.
Although small stocks listed on AIM are exempt from stamp duty, Revolut is chasing a $100 billion valuation, which would put it at the very top of the FTSE 100 set of blue-chip stocks.
Storonsky said Revolut is effectively already operating as a public company, but an official listing is on the cards to provide Revolut's existing investors with an exit opportunity.
Revolut was valued at $45 billion following a recent employee share offering.