The filing for a US banking licence comes as Revolut still awaits the verdict on its UK banking licence.
Revolut is making a fresh attempt to secure a US banking licence, it said today, as it scaled up its ambitions on the US market.
Revolut, valued at $75bn, hailed the filing for the US bank charter with the US Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation as a “major milestone”.
It comes as Revolut, seen as the crown jewel of UK fintech, looks to rapidly expand in the US, where it has over one million customers.
The filing also comes as Revolut, which has over 70m customers in over 40 markets, still awaits a verdict on whether it has won a full UK banking licence.
The US banking market has proved a tough nut to crack for European challenger banks.
German challenger bank N26 abandoned the US market in 2021, while another UK challenger bank, Monzo, withdrew its application for a US banking licence around a similar time.
Revolut submitted a draft application for a US banking licence in 2021, but did not apply for a full licence.
However, President Trump’s administration is seen as more open to new entrants in the US banking market.
Should it win a US banking licence, it would not only give Revolut the cachet of a US banking licence, but it would mean Revolut would be able to offer personal loans and credit cards itself. It would allow it to operate across all 50 US states, under federal oversight.
Revolut currently partners with US bank Lead Bank to offer some services in the US.
Revolut co-founder and CEO, Nik Storonsky, said: “The United States 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.”
Additionally, Revolut has appointed former Visa, Capital and Raisin executive Cetin Duransoy as its new US CEO, replacing Sid Jajodia who remains at the company as Revolut’s global chief banking officer.