Revolut applies for US bank licence, names US CEO amid expansion
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The news: London-based fintech Revolut has applied for a US banking licence and named a former Visa executive as its CEO for the region as it seeks to crack the world’s largest market.
The context: The USD75 billion ($106.56 billion) fintech said on Thursday that it had applied for a US national bank charter with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
“This filing marks a major milestone in Revolut’s strategic expansion into North America and reinforces its mission to become the world’s first truly global banking platform”, the company said.
Revolut also announced the appointment of Cetin Duransoy as US CEO, succeeding Sid Jajodia who remains at the company as global chief banking officer.
Revolut said that the charter would allow it to directly offer personal loans, credit cards and insured deposits to US customers, access the Fedwire and ACH payment rails and have nationwide reach under a single regulatory framework.
The application comes as Europe’s biggest fintech has still not been able to obtain a full UK banking licence. Revolut received authorisation for a UK licence in 2024 but has been stuck in the “mobilisation phase” as it develops its banking infrastructure. The lack of a full licence means the fintech’s banking division can only hold £50,000 in total deposits.
In September last year, the company unveiled plans to expand to over 30 new geographies by 2030, which will see the fintech plough USD13 billion into its expansion as it also works to attain 100 million users by mid-2027.
Earlier this year, Revolut surpassed 1 million users in Australia and announced plans to invest a further $400 million into the market over five years.
What they said: Revolut co-founder and CEO, Nik Storonsky said: “The United States is a key pillar of our global growth strategy. Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform. This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers.”
The source: Revolut
