British crypto-friendly fintech firm Revolut notified investors that it was targeting a valuation of up ​to $200 billion in its stock market listing, the ‌Financial Times reported on Tuesday.

Europe's largest fintech firm recently said ⁠it would not seek a listing before 2028 ​and that it had not laid out any formal ​valuation targets, following a share sale in November last year which valued the company at $75 billion.

Revolut had ​discussed a potential valuation of $150 billion to $200 billion in ‌ ⁠a future initial public offering (IPO) with investors, according to the FT's report, citing sources familiar with the matter.

Media reports have also said that Revolut, which received a full U.K. banking license in March, is preparing for a secondary share sale in ​the second half ​of 2026, ⁠with expectations of a $100 billion valuation post sale.

Co-founder Nik Storonsky said in December that his ​stake ⁠would be worth about $80 billion in the company if it reached a $200 billion valuation.

In 2025, Revolut's pre-tax profit ⁠surged ​57% to 1.7 billion pounds ($2.3 ​billion), a smaller gain than the previous year's nearly 150% increase.

In March, Revolut also applied for a banking licence with the Office of the Comptroller of the Currency (OCC), which, if approved, would allow the London-based fintech to operate more like a traditional bank in the world’s largest economy.

While Revolut is targeting a record-breaking IPO, a source close to fintech said no formal valuation has yet been decided, according to FT.

Revolut did not immediately respond to a CoinDesk request for confirmation.