Revolut files for U.S. bank license, expands leadership

Revolut seeks a U.S. bank license to expand services, integrate crypto, and reduce reliance on partners. A new U.S. chief will lead its American expansion.

Revolut, a London-based fintech company valued at approximately $75 billion, has filed applications with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for a U.S. national bank charter. This marks its second attempt to secure a U.S. banking license after a failed effort in 2021 and the abandonment of an acquisition strategy due to the complexities of managing physical branch networks. If approved, the de novo charter would enable Revolut to operate as a fully licensed U.S. bank. This would grant the company direct access to payment systems such as Fedwire and ACH, and allow it to launch products like credit cards, personal loans, and expanded deposit offerings. The move is expected to reduce reliance on partner banks and improve regulatory oversight. Additionally, the charter would allow Revolut to better integrate its fiat, card, savings, and crypto services. The company has also appointed a new U.S. chief to lead its operations, highlighting its commitment to expanding in the competitive American market.