Revolut has officially filed for a U.S. national bank charter, a significant step in its North American expansion strategy. The crypto-friendly fintech plans to invest $500 million in the market over the next three to five years. The move, announced Thursday, aims to bolster Revolut's presence in the world's largest financial market, with former Visa executive Cetin Duransoy appointed to lead U.S. operations.
A national bank charter would grant Revolut direct access to Federal Reserve payment systems, enable it to accept federally insured deposits, and permit the direct offering of personal loans and credit cards. This follows a previous attempt in 2021, with the application withdrawn in 2023 due to regulatory challenges. The renewed push aligns with other fintech firms pursuing similar charters amid evolving regulations.
Revolut secured a UK banking license in 2024 with certain restrictions and is working towards full approval. The company is also involved in testing stablecoin services under proposed rules in the UK.