The track record is mixed. Some listed digital banks have delivered strong returns. Rakuten Bank is up sharply since its April 2023 Tokyo listing, SoFi has gained meaningfully since its June 2021 SPAC listing, supported by its US banking charter and deposit growth, and Banco Inter has also performed strongly since relisting on NASDAQ in 2022.

Others have struggled. KakaoBank rose quickly after listing but has since fallen significantly from its peak valuation. Klarna, PagBank, and Chime have also traded well below their listing or first-day levels. The pattern suggests that public markets reward digital banks only when growth is matched by licensing strength, profitability, and clear unit economics.

The strongest performers tend to share three traits: ownership of a banking licence before listing, a credible path to profitability, and a dominant home market where they have pricing power. The weaker performers often entered public markets on momentum, at high revenue multiples, and before their economics had fully matured.

Nubank sits between these two groups. Its stock fell sharply after listing, leaving many IPO investors underwater for more than a year. But the company later recovered as its fundamentals improved, with growth, profitability, deposits, and credit expansion supporting the rebound in its share price.

That context matters for Revolut. A $150 billion to $200 billion valuation would place it above every major listed digital bank on this scorecard combined. Waiting until 2028 gives Revolut more time to strengthen its balance sheet, deepen licensing coverage, and prove that its global model can deliver public-market-grade profitability. In digital banking, the IPO number matters, but the licence, market structure, and earnings quality matter more.