Revolut has filed an application for a US national bank charter as it seeks to expand its presence across the American market. The filing was made with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. The application marks a new stage in its plan to build a broader banking service for US customers. The London-based fintech operates in more than 40 markets and serves more than 70 million users. It views the US as a core part of its worldwide expansion plan and now aims to operate with full regulatory approval. Revolut wants to offer insured deposits directly to customers without relying on partner banks. Revolut confirmed that US products may vary by region until approval is granted. It said customer deposits remain insured through its current partner, Lead Bank, Member FDIC. Charter Would Allow Broader Banking Services in the US Revolut said a US banking license would allow faster product releases and greater control of its service pipeline. The company plans to introduce personal loans and credit cards after securing approval. It also expects direct access to payment networks such as ACH and Fedwire. This step would improve its transaction speed as well as reliability. Sid Jajodia, Revolut US chief executive, said the timing of the application fits with support from the current administration for new entrants in the industry. He told the Financial Times, “Kudos to the administration on driving a very forward thinking agenda in that space.” He added that improved clarity in policy areas such as crypto has supported this move. Revolut also announced changes in internal roles. Jajodia will take a global banking position while Cetin Duransoy will assume leadership of the US division. Duransoy previously worked at Raisin, a company that offers savings products with partner banks and credit unions. Revolut Continues Growth Strategy While UK License Remains Pending Revolut received authorization for a UK banking license in 2024. The company is still in a mobilization stage as it builds its banking systems. During this stage, the banking division can hold only limited deposit volume. Revolut had expected to finalize its US application after finishing the UK process. Delays in the UK license pushed the US filing to a later date. Regulators in other jurisdictions have stated that local approval may follow UK approval. Revolut continues to work through the UK process while expanding into additional markets. The company has around half a million retail customers in the US and a similar number of small business clients. Revolut intends to extend lending services after it secures the charter. Regulatory Climate Opens Space for New Entrants The OCC approved five new banking charters last year. These approvals included new entities linked to crypto companies such as Circle and Ripple. The rise in approvals signals broader movement among financial companies seeking entry into regulated banking. As the Coinpaper reported, Revolut also joined the UK Financial Conduct Authority’s stablecoin sandbox. The program will allow controlled testing of stablecoin payments. The company recently expanded its crypto tools by adding Solana transfers, withdrawals, and staking. Revolut said its US banking license remains subject to regulatory review. The company will continue its current operations while it seeks approval for expanded services.
