Revolut Seeks U.S. Banking License as Part of Growth Strategy

Revolut Seeks U.S. Banking License Amid Global Expansion

Since its founding in 2015, Revolut has rapidly become Europe’s highest-valued startup, as reported by PitchBook. The company was valued at $75 billion in a secondary share sale last year, putting it on par with established European banks such as Barclays and ING.

Revolut, a British digital banking platform, has officially submitted an application for a national banking charter in the United States. This move aligns with a growing trend of fintech companies aiming to expand their presence in the U.S. market, particularly under the regulatory environment shaped by the Trump administration.

The London-based fintech is pursuing the most comprehensive federal banking license available in the U.S., along with deposit insurance. If granted, this would enable Revolut to accept deposits and provide direct loans to American customers, strengthening its position in the world’s largest financial market.

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Recent regulatory changes in the U.S. have made it easier for fintech companies, digital asset firms, and foreign banks to enter the American financial sector. The Office of the Comptroller of the Currency received 14 new charter applications last year, nearly matching the total from the previous four years combined, and has approved several since January.

Brazilian digital bank Nubank received its U.S. charter in January, while other European fintechs, such as Bunq from the Netherlands and OakNorth from the U.K., are also in the process of seeking national licenses.

This new direction represents a strategic shift for Revolut. Previously, the company had considered acquiring a small, nationally chartered U.S. bank to bypass the lengthy licensing process and gain the ability to lend in all 50 states. However, after a thorough review, Revolut decided that applying for a new license was the more practical solution, according to Sid Jajodia, the company’s global chief banking officer and former head of U.S. operations.

Jajodia explained, “To shape our own future, we need to be directly regulated. Fewer intermediaries mean lower costs, and having our own balance sheet with customer deposits supports a stronger funding model for lending, which helps us scale our customer relationships more effectively.”

Revolut’s app enables users to make payments, trade assets, and manage funds, positioning the company as a competitor to traditional banks for both retail and business clients. The company aims to grow its global retail customer base from over 70 million to 100 million by mid-2027.

Revolut’s Global Growth and U.S. Strategy

While Revolut maintains a dominant presence in Europe, it has been steadily expanding into the Americas and other regions. The company recently launched full banking services in Mexico and is nearing the completion of the licensing process in Colombia. In the United Kingdom, Revolut continues to operate under a restricted license as it works with regulators to secure a full banking license.

In the United States, Revolut has been active for several years through partnerships with local banks and currently serves over one million customers. “We’re seeing robust growth in our business segment, and the consumer side is also scaling up well,” Jajodia noted.

To strengthen its U.S. leadership, Revolut has appointed Cetin Duransoy, the former U.S. CEO of digital savings platform Raisin, as its new U.S. chief executive. Duransoy replaces Jajodia, who has returned to London to focus on his global responsibilities. The company also plans to establish a new office for Revolut Bank, N.A. in Connecticut while awaiting regulatory approval.

Revolut has allocated $500 million from its $13 billion global expansion budget over the next five years specifically for its U.S. growth. These funds will be used to capitalize the American bank, expand the workforce, invest in research and development, and support marketing initiatives, according to Jajodia.

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