Revolut, a UK-based fintech company, submitted an application for a U.S. national bank charter to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. This move is a significant step in the company's ambition to become a global banking platform and expand its presence in the lucrative U.S. market, where it currently has over one million customers. If approved, the charter would allow Revolut to offer a broader range of financial products, including taking FDIC-insured deposits, making loans, issuing credit cards, and directly accessing U.S. payment networks like Fedwire and ACH.
The company has appointed Cetin Duransoy, a former Visa executive, as its new U.S. CEO to lead this expansion. Revolut plans to invest $500 million in the U.S. over the next three to five years, including capital for the new bank and marketing efforts. This investment underscores the company's commitment to accelerating growth and building new products tailored for the American market. The move is also critical for Revolut to achieve its goal of reaching 100 million customers globally.
While European digital banks like N26 and Monzo have previously faced challenges in the U.S. market, experts suggest Revolut's substantial global customer base of 70 million gives it a stronger position. The company, valued at $75 billion, aims to gain direct control over its operations, enabling faster innovation and a more consistent Revolut experience for its U.S. customers. Currently, Revolut operates in the U.S. by partnering with existing lenders such as Lead Bank for its services.
