London-based fintech Revolut is pushing into two of the world’s most dynamic emerging digital finance markets: the United Arab Emirates and India. The company already secured key regulatory approvals in the UAE and is preparing to launch a payments platform for Indian users.
Yet, with a valuation that has jumped from $45 billion last year to $75 billion, the question on investors’ minds is whether Revolut can justify such a high market value ahead of its anticipated IPO.
Betting big on the Middle East and India
Revolut’s move into the UAE reflects a broader global strategy that sees the Middle East as a crucial growth engine. Having received in-principle approvals from the Central Bank of the UAE for Stored Value Facilities and Retail Payment Services, the fintech is poised to launch a full suite of products catering to retail customers in a market known for its high digital adoption and forward-looking regulatory environment.
Revolut’s CEO, Nik Storonsky, is relocating from London to Dubai, highlighting the strategic focus on the region and underlining its importance in the company’s plans.
Similarly, India presents a vast opportunity. With one of the fastest-growing digital payment ecosystems globally, Revolut has spent years investing in local licenses and partnerships. The company plans to kick off with its first 350,000 waitlisted customers this year and aims to reach 20 million users by 2030.
Paroma Chatterjee, Revolut India’s CEO, emphasises the firm’s commitment to tackling challenges like overpriced bank fees and inefficient cross-border payments by leveraging technology tailored for the Indian market.
The valuation debate
Despite its impressive global footprint, Revolut’s high valuation invites healthy scepticism. Max Thomas, partner at TBP Global Assets and a mergers and acquisitions specialist, stresses the hurdles Revolut faces to justify its recent jump in valuation:
“Revolut’s recent valuation surge to $75 billion raises critical questions about its sustainability, especially as it prepares for an IPO. This fintech has dominated the UK market and expanded into the EU, boasting around 60 million users and a diverse range of services, including business banking and cryptocurrency trading. While its projected revenue for 2025 stands at $5.3 billion, this results in an elevated EV/Revenue multiple of 14.2x, significantly higher than peers like NuBank and SoFi, which average around 10.1x.”
Thomas continues: “To justify and sustain this lofty valuation, Revolut must focus on several key areas. First, increasing daily app usage is essential; making Revolut the go-to for all financial activities can enhance engagement and customer retention. Second, boosting revenue per customer is crucial. With an estimated revenue per customer of $101 – below the average of $155 among major neobanks – there’s substantial room for growth, particularly as Revolut aims to penetrate the U.S. market, where competitors like SoFi achieve revenues of $284 per customer.”
Dual listing to boost global reach?
Beyond growth metrics, Revolut’s plan for a dual listing on the London and New York stock exchanges could amplify its visibility and investor appeal.
Thomas sees the move as a significant win for London’s tech IPO scene: “I think everyone’s immediate reaction to the news of the dual listing is that it’s a huge win for London. My impression is that the City worked very hard to help make this happen. London has had a dearth of tech IPO listings, including the recent disappointment when SoftBank Group chose NASDAQ for relisting ARM. Revolut’s dual listing could help reverse this trend.”
He added that: “Revolut is home-grown in the UK with its new headquarters at Canary Wharf, and around 65% of its users live in the UK / EU (2025 stats show 19% in the UK). It makes sense that Revolut would build on its UK / EU base with a listing on the LSE. In addition, Storonsky (CEO Nik) knows that US capital markets are larger, and also the future growth of Revolut’s user base to support its impressive valuation rests heavily on the US. These, among many reasons, point to the significance of listing in New York.”
As Revolut continues its rapid global expansion, the market will be keenly watching to see whether the fintech can turn its lofty valuation into a sustainable and profitable future.
