Fintech company Revolut is making a second attempt to enter the U.S. market by filing a new application for a national bank charter. The London-based firm announced Thursday it submitted its application to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to establish "Revolut Bank US, N.A.".
As part of this renewed push, Revolut has appointed fintech veteran Cetin Duransoy as its new U.S. CEO. Duransoy brings over two decades of experience in banking, payments, and technology, previously serving as U.S. CEO of fintech marketplace Raisin. He succeeds Sid Jajodia, who will transition to global chief banking officer.
Revolut founder and CEO Nik Storonsky stated that the United States is a "key pillar" of their global growth strategy and that securing a national bank charter is a "major milestone" toward their vision of a global banking platform.
If approved, the charter would enable Revolut to operate nationwide under a single federal regulatory framework, gain direct access to payment systems like Fedwire and ACH, offer FDIC-insured deposits, and expand into personal loans and credit cards. The company's previous attempt to secure a U.S. banking license via California regulators in 2021 stalled and was withdrawn in 2023 due to regulatory and internal control concerns.
Revolut currently serves over 70 million customers globally across 40 markets. This move follows a shift away from plans to acquire an existing American bank.