British fintech firm Revolut considers acquiring US bank to speed up US license

PANews reported on July 30th that the Financial Times reported that Revolut, the UK's largest fintech company, is considering acquiring a US bank to more quickly obtain a US banking license and launch its lending business. People familiar with the matter revealed that acquiring a bank with a national license would allow Revolut to enter the US market more quickly than applying for a license on its own. Revolut has not yet made a final decision and is also considering applying for a banking license independently. The company, which has 60 million customers worldwide, is seeking $1 billion in financing to support its global expansion. Revolut has previously obtained banking licenses in Lithuania and Mexico and acquired Argentinian bank Cetelem last month. Revolut declined to comment on its plans to acquire a US bank.