Revolut CEO Criticizes UK Stock Market

Nik Storonsky, CEO of Revolut, has dismissed the idea of a London IPO for the fintech giant, labeling the UK stock market as 'not rational' and unable to compete with the US due to higher costs and liquidity issues. He criticized the 0.5% stamp duty on share purchases, stating it makes the UK market less attractive compared to the US, where trading is often free and liquidity is higher. Despite these concerns, Revolut, which recently achieved a valuation of $45 billion, is considering a public listing 'sooner or later' primarily to raise funds and provide returns to shareholders. Storonsky's remarks coincide with broader concerns about the decline of London's financial markets, as noted by Barclays' CEO, who emphasized the need for investment to rejuvenate the sector. The ongoing debate about stamp duty has drawn attention from city officials, including the Lord Mayor of London, who suggested reconsidering the tax's impact on trading. As Revolut weighs its options, it appears poised to follow the trend of other startups that have opted for US listings over the UK's less favorable market conditions.