Banking FinTech company Revolut is still in need of 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,” said Nik Storonsky, chief executive officer and co-founder.
The company’s adjusted revenue was 261 million pounds, or $359 million, as of 2020.
In July, Revolut was able to raise $800 million from investors, valuing the company at $33 billion. The money was used to expand into new products and markets, including the U.S. and India.
Storonsky hasn’t given a timeline for going public, but he said it was definitely going to happen at some point.
In Storonsky’s opinion, the companies will need to update their offering to include more business, with “more and more companies entering into a business model where they sell a lot of products rather than a single-line product.”
Revolut has products including bank accounts, international money transfers, cryptocurrency, bill paying and budget tools and stock trading, and is the U.K.’s most valuable startup and one of the best funded FinTechs in Europe. But other similar rivals like Klarna and Wise have also seen surges in valuation in the past year during the pandemic and ensuing shift to digital.
Revolut’s attempt to get more into the U.S. market has seen it looking to introduce a new credit card there. The card might be available by the year’s end.
According to CEO Ron Oliveira, the company will be offering unsecured lines of credit and credit cards.
Revolut has also said recently that it’s setting up a payment line for the U.S. and Mexico to help money move more easily.
The company’s ultimate goal is a full U.S. presence encompassing all 50 states. The bank has also submitted a draft for a banking license there.