Short Description
Revolut, the crypto-friendly fintech unicorn, seeks a US banking license to foster global expansion, moving away from previous plans to acquire a local bank.
Read Time
Approximately 4 minutes.
Main Article
Revolut is poised for substantial growth in the U.S. market as it plans to apply for a banking license through the Office for the Comptroller of the Currency (OCC). This strategic shift was reported by the Financial Times and indicates a departure from Revolut’s earlier intentions to acquire a U.S. bank, which would have come with additional operational challenges such as maintaining physical branches. The firm, based in the UK, is keen on capitalizing on the U.S. fintech landscape by acquiring regulatory approval more quickly, particularly under a more favorable regulatory environment.
The move aligns with Revolut’s global vision unveiled in 2025, which includes a commitment of $13 billion in investment aimed at international growth. As proof of its ambitious intent, Revolut is already regarded as one of the world’s most valuable fintechs, with a staggering valuation of $75 billion following a share sale. For Revolut U.S. CEO Sid Jajodia, securing a banking license in the U.S. isn’t just an aspiration; it’s a necessity for scaling operations effectively in a fast-paced market.
Additionally, Revolut is yet to fully roll out all its banking services in the UK following its acquisition of a restricted banking license in 2024. This highlights the dual focus the fintech has on both the U.K. and U.S. markets, keeping customer experience at the forefront. This dual strategy allows Revolut to tap into new markets while ensuring existing services are fine-tuned, thus fostering user loyalty.
The decision to opt for a U.S. banking license also reflects Revolut’s adaptive strategy in an ever-changing financial landscape. By choosing this route, the company sidesteps potential complications that could arise from acquiring an existing bank and instead focuses on establishing itself as a new entity in compliance with regulations. This gives Revolut the agility it needs to respond to market demands and customer preferences rapidly.
Short Summary
In summary, Revolut is shifting its focus from acquiring a U.S. bank to applying for a banking license as part of its global expansion strategy. This decision aligns with its goal to scale operations effectively in the U.S. while navigating regulatory challenges.
