Trump-era regulatory shift pushes Revolut banking strategy toward a standalone U.S. license

As it reshapes its U.S. strategy, the rapidly growing fintech is betting that the current climate will favor streamlined approvals for revolut banking in the American market.

Revolut drops U.S. bank acquisition for standalone license

Revolut, the U.K. fintech known for its crypto trading features, has abandoned plans to buy a U.S. bank and will instead seek its own banking license in the United States, the Financial Times reported on Friday. The company is shifting course as it looks to expand in the world’s largest financial market without relying on a pre-existing chartered lender.

The London-based firm had previously explored acquiring a chartered U.S. lender to fast-track access to all 50 states. However, people familiar with the matter told the FT that management concluded the acquisition route would be slower and more complex than expected, especially given the operational obligations that come with a traditional bank purchase.

Moreover, a takeover would likely have forced Revolut to maintain physical branches, running counter to its digital-only model. That said, the revised plan underscores how the company aims to preserve its lean, app-centric infrastructure while still competing head-on with incumbent banks in the United States.

Betting on a de novo license under Trump administration

Instead of an acquisition, Revolut is now pursuing a de novo banking license from the Office of the Comptroller of the Currency (OCC). A de novo license is granted to new banks rather than those formed through mergers or purchases, and it could allow the firm to design its operations from scratch in line with its digital strategy.

Company insiders, cited by the FT, believe that a revamped OCC under the Trump administration may process applications more quickly than under previous leadership. As a result, executives view this regulatory environment as more favorable for a fresh license than for a complex acquisition process. This calculation is central to the current revolut banking roadmap in the U.S.

Revolut, which last year achieved a $75 billion valuation in a secondary share sale, has confirmed that the United States remains a “critical” market for its global ambitions. However, the company said it is still assessing “multiple routes” into the American banking system, including the de novo process, and emphasized that no final decision has been made.

Fragmented U.S. regulation but signs of a fintech-friendly tone

The U.S. regulatory landscape remains highly fragmented, with overlapping federal and state oversight for banks and digital asset firms. Nevertheless, recent approvals suggest a more open stance toward innovative financial players. For example, regulators have granted banking charters to crypto-focused firms such as Circle Internet, a stablecoin issuer, and Ripple, an international payments network.

These developments point to a more fintech-friendly tone from U.S. authorities, even as compliance expectations stay strict. Moreover, they provide a roadmap for other digital-first institutions seeking full banking status, potentially supporting Revolut’s ambitions to compete via a full-service license rather than limited partnerships.

Revolut’s accelerating crypto and European expansion

Alongside its U.S. banking push, Revolut continues to deepen its crypto services globally. Last month, the company announced a Trust Wallet partnership that enables instant cryptocurrency purchases in the European Union, with zero fees available in some cases. This move reinforces its strategy of integrating fast, low-cost digital asset access directly into its app.

Furthermore, Revolut has secured a MiCA license via Cyprus, giving it regulatory clearance to offer crypto services across the entire European Economic Area. That said, the combination of U.S. banking ambitions, EU-wide licensing, and expanding crypto functionality positions Revolut as one of the most aggressively scaling fintechs in both traditional finance and digital assets.

In summary, Revolut’s decision to drop its U.S. bank purchase plan and pursue a de novo license reflects a tactical bet on speed, regulatory alignment, and digital efficiency, while its push into crypto and European markets underscores a broader bid to become a global financial super-app.