Revolut has officially submitted its application to the US Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for a national bank charter.
The move – which would see the entity operate as Revolut Bank US, N.A. – represents a definitive shift in the firm’s North American strategy as it seeks to transition from a digital wallet provider to a fully licensed financial institution.
The filing is a pivotal step for the London-headquartered fintech, which currently serves 70 million customers across 40 markets.
By securing a federal charter, Revolut aims to bypass the fragmented state-by-state regulatory landscape in favour of a single national framework, providing the infrastructure necessary to scale its suite of retail and business services.
US expansion from a global giant
The application coincides with a leadership transition designed to steer the company through the rigorous US regulatory approval process.
Cetin Duransoy has been appointed as Revolut’s US CEO. succeeding Sid Jajodia, who will maintain his role as Global Chief Banking Officer.
Cetin has experience in tech, payments and the finance industry that spans over two decades.
He joins Revolut from his position as US CEO of Raisin, where he oversaw the successful scaling of the Raisin platform, encompassing more than 90 banks and crest union partners.
He has also held senior leadership roles at Visa and Capital One.
Nik Storonsky, Revolut Co-Founder and CEO, says: “The US is a key pillar of our global growth strategy.
“Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform.
“This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers.”
Unlocking new revenue streams
The transition to a licensed bank will alter Revolut’s strategy as it allows the company to reap several benefits.
By gaining direct access to payment rails like Fedwire and ACH, Revolut can improve transaction speeds and cost efficiency without relying on third-party partner banks.
Similarly, the US national bank charter will facilitate faster products entering the market, providing customers with additional benefits.
Once approved, Revolut intends to offer FDIC-insured deposits and launch proprietary credit products, including personal loans and credit cards – similar to the limited-edition Official Card from the Audi Revolut F1 Team recently released by the fintech.
This move is essential for the company to replicate its European success, where it has already secured several banking licenses to offer high-yield savings and credit products.
Scaling the global footprint
The US expansion is part of an aggressive roadmap.
Having recently launched banking operations in Mexico and secured licenses in India and the UAE, Revolut is currently on track to enter 30 new markets by 2030.
The company expects to hit the 100 million customer milestone by mid-2027.