Revolut shifts to national license for US crypto expansion

Revolut dropped its US bank acquisition and will seek a national license, aiming for faster approval and broader digital and crypto expansion across the US.

Revolut, a UK-based fintech company, has abandoned its plan to acquire a US bank and will instead apply directly for a national banking license from the Office of the Comptroller of the Currency (OCC). This decision is driven by the expectation of a faster, more streamlined approval process, aligning with Revolut’s digital-first strategy and global expansion goals. Previously, Revolut considered acquiring a US bank to quickly gain nationwide lending rights. However, it found the process too complex due to regulatory hurdles, legacy systems, and requirements for physical branches, which conflicted with its digital operations. By seeking a de novo charter, Revolut aims to operate in all 50 states under a unified federal framework, avoiding state-by-state licensing and reliance on partner banks. This move is expected to strengthen Revolut’s US presence, particularly for its integrated banking and cryptocurrency services.