Britain's stock market could be set for a substantial boost as $115billion digital banking giant Revolut gears up to list in both London and New York.
Chief Executive Nik Storonsky confirmed the popular banking app will seek a dual listing, settling fears Revolut would snub the London Stock Exchange in favour of New York's Nasdaq.
Storonsky told French newspaper Les Echos: “In reality, we are currently planning a dual listing, on the London Stock Exchange and the Nasdaq.”
However, indicating the company "prefers the United States", he went on: “It includes institutional investors, hedge funds, fund managers, and a considerable number of individual investors.
“So we have the choice between selling in a small market with few buyers, or in a gigantic market with a huge number of buyers who will compete fiercely for our shares.”
Having initially been founded 11 years ago as a business centred on an app linked to a pre-paid travel card for spending overseas, Revolut has grown quickly to expand its offerings to include everything from crypto trading and stocks and shares Isas to online banking, The Times reports.
With over 80 million customers worldwide, Revolut, which is also chaired by Aberdeen businessman Martin Gilbert, recorded a 57% jumpo in its pre-tax profits last year to £1.7 billion.
FSTE100
The UK's flagship share index, the FTSE 100, was up 29 points at 10,794 shortly after opening this morning.
Brent crude oil futures were down 2.01%, sitting at $102.71 a barrel this morning.
Companies reporting
- Investec - Trading Statement