Revolut is seeking a US national bank charter as part of its strategy to expand its presence in North America, the company announced Thursday.
The crypto-friendly fintech giant has more than one million US customers and plans to invest $500 million in the market over the next three to five years.
In pursuing the banking license, Revolut has tapped former Visa executive Cetin Duransoy to lead its operations in the world’s largest financial market.
A national bank charter would grant Revolut direct access to Federal Reserve payment systems, enable it to accept federally insured deposits up to $250,000 per account, and allow it to offer personal loans and credit cards directly to consumers.
Revolut previously sought a US bank licence in 2021 but withdrew the application in 2023 after regulatory setbacks. The new push comes as fintech firms like PayPal and Coinbase pursue similar charters following regulatory changes introduced under Donald Trump.
In 2024, Revolut secured a UK banking licence with restrictions from the Prudential Regulation Authority, allowing it to operate as an authorized bank once its mobilization phase is completed. The company is still working toward approval for a full UK banking licence.
Revolut is among four companies chosen by the Financial Conduct Authority to test stablecoin services under the proposed rules.
Source: https://cryptobriefing.com/revolut-us-banking-license-application/
