British fintech company Revolut intends to reach annual sales in the billions of dollars before the IPO. This was stated by the chief executive of the online bank Nikolay Storonsky on Bloomberg Television.
“To successfully conduct an IPO, our revenue must be in, at least, the range of several billions of dollars per year,” he said.
It is the financial results that will determine the timing of Revolut’s stock market debut. For 2020, the company’s revenue was £261m ($359m), and operating loss £201m ($276m).
Although an IPO is not in the near-term plans, “at some point it will happen,” added Nikolay Storonsky.
In his view, financial services providers should offer a wide range of services.
“In the future, we will see more and more companies move to a business model in which they sell many products, rather than products from a single line,” he noted.
In July, Revolut raised $800m at a $33bn valuation. The funds will be used to launch new services and enter the US and Indian markets.
Revolut is currently the most valuable fintech startup in the United Kingdom and the second-most valuable company by market value in Europe.
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