Revolut Applies for U.S. Banking Charter to Expand Global Ambitions

Revolut, the British financial super-app valued at around $75 billion, has applied for a U.S. national bank charter, marking a significant step in its strategy to become a truly global banking platform. The London-based fintech announced that obtaining a banking license in the United States would allow it to offer a wider range of financial services directly to American customers, including insured deposits and its own lending products such as credit cards.

Currently, Revolut operates in the U.S. through partnerships with existing banks, including Lead Bank, which enable the company to provide services like payments and basic financial accounts. A banking charter would allow the company to operate independently within the U.S. financial system and expand its product offering.

If approved, Revolut would gain access to key payment infrastructures such as Fedwire and the Automated Clearing House (ACH) network, enabling faster and more efficient payment processing. It would also allow the company to accept insured deposits, strengthening its ability to fund lending products without relying heavily on capital markets.

“For our long-term ambitions, the best thing for us is to be directly regulated,” said Sid Jajodia, Revolut’s Chief Banking Officer, in comments reported by The New York Times.

The application process involves several U.S. regulators, including the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and ultimately the Federal Reserve.

Revolut said it had considered acquiring an existing U.S. bank as an alternative route to entering the market. However, the company ultimately decided that applying for a new national charter would provide a cleaner approach, allowing it to build its balance sheet from scratch and avoid integrating legacy banking systems.

As part of its U.S. expansion strategy, Revolut has set aside $500 million to support growth in the American market. The company also announced the appointment of Cetin Duransoy as its new U.S. CEO, succeeding Sid Jajodia in the role The United States is central to Revolut’s long-term global strategy. The fintech plans to expand into more than 30 new markets by the end of the decade and aims to reach 100 million customers by mid-2027, up from around 70 million today.

Earlier this year, Revolut secured a full banking license in Mexico, marking its first banking authorization outside Europe. However, the company is still completing the regulatory process in its home market. While U.K. regulators approved its banking license in 2024, Revolut remains in a “mobilization phase” that limits the amount of deposits it can hold while regulators monitor compliance and financial controls.

As fintech companies increasingly seek banking licenses worldwide, Revolut’s move highlights a broader industry trend: digital financial platforms are evolving into full-scale banks as they pursue global growth and greater control over their financial infrastructure.

Source: Based on reporting by Michael J. de la Merced, The New York Times