London-based fintech company Revolut has applied for a United States banking licence as part of its strategy to expand operations in the world’s largest financial market.
The digital banking group submitted an application for a national bank charter to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, a move that would allow it to operate as a fully licensed bank in the United States if approved.
Obtaining a banking licence would enable Revolut to offer a broader range of services directly to American customers, including insured deposits, personal loans, credit cards and payment services. The licence would also allow the company to reduce reliance on partner banks currently used to support its operations in the country.
The application forms part of a wider global expansion strategy for the fintech firm, which has grown rapidly since its launch and now serves more than 70 million customers across around 40 markets. The company aims to increase that figure to 100 million users as it expands internationally and deepens its presence in major financial centres.
Revolut has also strengthened its leadership team to support the American push, appointing former Visa executive Cetin Duransoy as chief executive for its US business. The leadership change accompanies plans to increase investment in marketing, hiring and bank capitalisation in the United States over the next several years.
The move follows earlier discussions about acquiring an existing US bank as a faster route to a licence. The company later pivoted toward applying for its own charter, reflecting its intention to build an independent banking presence rather than rely on acquisitions.
The expansion effort comes amid growing competition in digital banking as fintech firms seek to establish stronger footholds in the United States. Approval of a national banking charter would mark a significant milestone for Revolut’s international growth ambitions and strengthen its ability to compete with both traditional banks and other fintech platforms in the American market.
