Revolut Seeks to Become a National Bank in the US
Revolut, the UK-based fintech powerhouse, has applied to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for a national bank charter in the United States. If approved, the entity will operate as Revolut Bank US, N.A. This marks a significant milestone in the company’s expansion plans within the American market.
Benefits of a National Bank Charter
The national bank charter, if approved, would bestow several operational benefits to Revolut. Primarily, it will enable the company to operate across all 50 US states under federal regulation. This will significantly enhance its reach and service offering within the American market. Additionally, Revolut will be able to offer insured deposits directly to its US customers and connect with payment systems such as Fedwire and Automated Clearing House (ACH).
Furthermore, the charter would allow Revolut to provide loans and credit cards to its customers, offering them a more comprehensive suite of financial services. It would also enable the company to manage its customer experience more directly without relying on partner banks.
Leadership Changes and Expansion Plans
Cetin Duransoy has been appointed as the new US CEO for Revolut, succeeding Sid Jajodia who remains with the company as global chief banking officer. Duransoy is a fintech industry veteran, having previously served as US CEO at Raisin and held senior roles at Capital One and Visa.
Revolut currently operates in 40 markets worldwide, providing payment services including money transfers and currency exchange. The application for a US bank charter follows recent steps such as launching banking operations in Mexico, acquiring payments licences in India and the UAE, and opening a new global headquarters in London.
The company completed a secondary share sale in November 2025 that valued Revolut at $75bn. It has stated plans to expand into 30 new markets by 2030 and reach 100 million users by mid-2027.
A Key Step Towards Global Expansion
Revolut co-founder and CEO Nik Storonsky views the US as a key pillar of the company’s global growth strategy. He stated, “Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform. This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers.”
Indeed, becoming a nationally chartered bank in the US will significantly accelerate Revolut’s plans to become a truly global banking platform, providing a seamless financial experience to millions of customers worldwide.
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