- Key insights: London fintechs Wise and Revolut both see U.S. stocks listings as key to expanding into the lucrative market.
- What's at stake: Wise plans to switch its primary listing to the U.S. while making its existing U.K. listing secondary; while Revolut has stated a preference for a U.S. or dual listing.
- Forward look: Revolut plans to secure a U.S. banking license ahead of its listing. Wise plans product development in digital assets and user experience in the U.S.
The U.K-based payment fintechs
"The U.S., as the world's largest economy, presents the biggest market opportunity for Wise products today," Harsh Sinha, chief technology officer and U.S. President at Wise, told American Banker.
Wise, which in 2025 announced its intent to make the
Revolut in the U.S.?
Revolut would not comment on the media reports about its IPO, with its public relations office telling American Banker "Our focus is not on if or when we IPO, but on continuing to expand the business, building new products, and providing better and cheaper services to serve our growing global customer base."
Revolut has stated a preference for the
Making regulatory progress in the U.S. is also a factor for Revolut. Storonsky told European media that Revolut was focused on obtaining a U.S. banking license ahead of its IPO, anticipating it would take until early 2027 to get the license. It also plans another share sale to boost its valuation ahead of the 2028 listing, and did not plan to remain private. If Revolut obtains its banking license, that would enable it to access Fedwire and the ACH, enabling it to expand its payments business in the U.S. Revolut recently named Visa and Capital One veteran Cetin Duransoy as its U.S. CEO. Revolut additionally plans to use its license in Mexico as a way to cross-sell financial services to Mexican American consumers in the U.S.
"Revolut seems to have figured it out in the U.K. and Europe. It will be interesting to see if it can make it work in the U.S.," Tony DeSanctis, senior director at Cornerstone Advisors, told American Banker.
Wise's strategy
At Wise, Sinha said U.S. plans include optimizing onboarding for new customers, launching a zero-fee first transfer promotion, and providing businesses with more invoicing options as they increasingly get paid or pay from abroad.
Wise's Sinha said "A U.S. listing would more closely align Wise with the opportunities to expand our local presence, engaging new customers and bringing our infrastructure to more partners." Wise has consumer and merchant clients in the U.S., but there are "tens of millions" more in an addressable market. "We believe a primary U.S. listing would enhance our profile among these potential customers," Sinha said.
Wise, which has its roots as a cross-border payments company called TransferWise, is also pursuing a digital-asset strategy, including support for stablecoins – most of which are backed by U.S. dollars.
"Stablecoins are becoming a more visible part of the payments ecosystem and could be an exciting development in how money moves globally," Sinha said. "New technology will not only need to improve upon the speed and cost of our cross-border transfers, but it will also need to do so in a safe way, being regulatory compliant and legitimate from a financial crime perspective."
Is the U.S. better than the U.K.?
The U.K. remains important to Wise, Sinha said, adding that 20% of its staff are based in the U.K, and it plans to continue hiring and maintain a secondary listing on the London Stock Exchange.
Recent deployments in the U.K. include the Wise U.K. Current Account, which was introduced to compete with traditional banking.
"The companies' statements suggest they are attracted to the U.S. because of liquidity; the U.S. stock market is much bigger than the London stock market," Aaron McPherson, principal at AFM Consulting, told American Banker. "Also, both companies seek to expand in the U.S., and believe that increasing the share of investors coming from the U.S. will advance that goal. I think it shows the resilience of the U.S. economy, despite inflationary pressures."
The overall growth of fintechs in the U.S. also presents a chance for the U.K.-based firms to gain share, even if the U.S. is not their primary market.
"The growing adoption of fintech-based primary banking relationships in the U.S. represents an opportunity for newcomers to enter a market ripe for disruption. A digital-first strategy could provide another viable solution for U.S. consumers," DeSanctis said.
