Revolut and Nubank, two of the world's largest digital challenger banks, are aggressively expanding their presence in the U.S. banking market. Both companies received conditional approval in 2026 to become fully chartered U.S. banks and are on track to operate as standalone institutions, accepting FDIC-insured deposits by the first half of 2027. This move allows them to offer a broader range of financial products, gain direct access to payment networks like Fedwire and ACH, and secure customer deposits without relying on partner banks.
Revolut, with approximately 80 million customers globally and $6 billion in revenue in 2025, plans to invest $500 million in the U.S. over the next three to five years. The company intends to build a local team, create hundreds of highly skilled American jobs, and compete directly with established U.S. banks. While Revolut aims to push credit products more aggressively in the U.S., its offerings will largely mirror its global product set. Its 2025 revenue saw significant growth across various sectors, including a 46% increase year-over-year, largely driven by Revolut Business, which accounted for 16% of total income. Card payments rose 45% to $1.3 billion, FX increased 43% to $800 million, wealth business grew 31% to $876 million, and subscription revenue jumped 67% to $936 million.
Nubank, serving 131 million customers and generating $2.9 billion in net income in fiscal year 2025, has already initiated its U.S. push. In early September, it partnered with Lead Bank to launch a full suite of banking products, including high-yield savings, fee-free wire transfers, and cashback credit cards, ahead of its full charter approval. Roughly 4-5 million of Nubank's existing customers from Brazil, Mexico, and Colombia already use its app and make purchases in the U.S., giving it an initial advantage in cross-border customer acquisition. Both neobanks bring substantial scale, proven profitability, and diversified revenue models, with Revolut having 11 product lines each generating over $135 million in revenue in 2025.
Analysts like Aaron Press from IDC suggest that Revolut could either continue its focus on small to medium-sized businesses or broaden its consumer offerings to match its U.K. product set, potentially carving out a niche with its global reach and cross-border capabilities. However, the U.S. market presents challenges due to its size, complexity, and high customer acquisition costs, which average $300 per customer per year compared to a global average of $100. Despite this, the entry of these scaled and profitable fintechs is seen as a credible competitive threat to U.S. incumbents, especially given that digital-only banks captured 40% of new U.S. accounts opened in the past year, and 59% of U.S. consumers would consider a neobank.
