Monday 26 January 2026 6:56 am
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Revolut boss Nik Storonsky has played down the prospects of a London IPO
Fintech firms considering joining the public markets should avoid the “trap” of floating too early or risk “disaster”, a top London venture capital investor has warned.
Speaking at an Innovate Finance panel discussion chaired by City AM, James Codling, managing partner of VC firm Volution, said fintechs must make sure they “get to the right place” in shoring up their business models before exploring an IPO.
“There is nothing wrong with companies staying private for longer…if they have access to capital,” Codling said.
“We had a couple of fintech high-profile IPOs… in 2018, and they floated and it was a complete and utter disaster.
“So I think float when it’s the right time to float. Don’t fall into the trap of floating too early and then finding that the market goes, ‘Oh, this business model’s pretty sh*t, actually.’.
“It was a real problem and I think the fintech IPO market hasn’t recovered since then because [big price volatility] spooks the market.
“I think we need a functioning IPO market but I’d be more than happy to see our companies stay private for longer to make sure that they get to the right place before they can float.”
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The remarks come as the London Stock Exchange seeks to court top London fintechs to IPO in the UK instead of the US in a bid to revive London’s public markets.
After a nadir in the first half of the year, London saw a flurry of IPOs in the final months of 2025 including tinned tuna giant Princes and private equity-backed bank Shawbrook.
It’s hoped that top UK fintechs can carry the baton forwards in 2026, with the likes of fintech unicorns Zilch, Zopa, Monzo and Starling all having actively talked up the prospects of floating.
But Revolut, by far the UK’s most valuable fintech, has so far played down the possibility of a London float, instead talking up the prospects of a listing in New York.
Also speaking at the Innovate Finance panel, Neil Shah LSEG said: “We definitely want to see more companies come to market.
“There’s so many fantastic [fintech] businesses, there’s no reason why I don’t believe the rest of the market won’t get excited about some of these businesses.”
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