Revolut seeks U.S. bank charter in renewed expansion push

Revolut has taken another step toward expanding its U.S. operations by filing for a national bank charter. The London-based fintech has submitted applications with both the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to establish Revolut Bank US, N.A. This marks the company's second attempt at securing a U.S. banking license after withdrawing a previous application in 2023 due to regulatory hurdles.

A successful approval would allow Revolut to operate under a single federal regulatory framework across all 50 states. It would also grant the company direct access to key payment systems like Fedwire and the Automated Clearing House, which handle massive financial transfers daily. Currently, Revolut relies on a partnership with Lead Bank for its U.S. services.

The charter would enable Revolut to offer FDIC-insured deposits and expand into lending products, such as credit cards and personal loans. Earlier this year, the company abandoned plans to acquire an existing U.S. bank, opting instead to build a new banking entity from scratch. The filing follows closely on the heels of crypto exchange Kraken securing a Federal Reserve master account.

Revolut founder and CEO Nik Storonsky described the application as a major milestone in the company's goal to create a global banking platform. The company also announced Cetin Duransoy as its new U.S. CEO, replacing Sid Jajodia, who will now serve as global chief banking officer. Duransoy brings extensive experience in banking, payments, and technology.