Revolut abandoned its plans to merge with Bank of America and instead sought an independent license.

PANews reported on January 23 that, according to CoinDesk citing the Financial Times, British fintech company Revolut has abandoned its plans to acquire a US bank and will instead apply for an independent banking license. The company believes that under the new administration, applying for a new banking license from the Office of the Comptroller of the Currency (OCC) will be faster than acquiring an existing bank and will avoid the burden of maintaining physical branches. Revolut stated that the US market remains "critical" to its global expansion plans and confirmed that it is exploring various avenues, including recreating its domain name. No final decision has been made yet.