Revolut Makes a Play for US Bank License
Fintech giant Revolut is signaling a major regulatory pivot by filing for a U.S. bank license. The move indicates a strategic shift for leading fintechs toward deeper regulatory integration, aiming for the long-term legitimacy and product advantages that come with a federal charter.
Revolut's application for a U.S. national bank charter was filed with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). If approved, the new entity will be named Revolut Bank US, N.A. This is the company's second attempt at securing a U.S. banking license; a previous application filed with California state regulators in 2021 was withdrawn in 2023 due to regulatory hurdles. A national charter would allow Revolut to operate across all 50 states under a single federal regulatory framework, a significant advantage over navigating individual state licensing. This would grant it direct access to U.S. payment systems like Fedwire and ACH, reducing reliance on partner banks and improving speed and cost efficiency. Obtaining a full banking license is a strategic pivot that would enable Revolut to offer FDIC-insured deposits and significantly expand its U.S. product suite. This includes launching credit cards and personal loans, unlocking new revenue streams from net interest margin that are central to traditional banking. To lead this charge, Revolut appointed a new U.S. CEO, Cetin Duransoy, a veteran with experience at Capital One and Visa. His predecessor, Sid Jajodia, has transitioned to the role of global chief banking officer. This move is part of a broader global expansion strategy, backed by a November 2025 secondary share sale that valued Revolut at $75 billion. The company aims to reach 100 million customers by mid-2027 and has recently launched banking operations in Mexico and secured payment licenses in India and the UAE. The path for European fintechs in the U.S. has been mixed. While companies like SoFi and Varo Bank have successfully obtained national bank charters, others have struggled. Germany's N26 shut down its U.S. operations in 2021, and UK-based Monzo withdrew its U.S. banking application that same year.
