TLDR:
- Revolut has filed for a US bank charter with the OCC and FDIC to offer full banking services in America.
- Former Visa executive Cetin Duransoy has been named Revolut’s new CEO for United States operations.
- Revolut plans to invest $500 million in the US over three to five years covering capital, marketing, and hiring.
- Revolut’s global valuation reached $75 billion following a secondary share sale completed in November 2024.
Revolut has officially filed for a U.S. bank charter, marking a major move into the American financial market. The British fintech giant also named former Visa executive Cetin Duransoy as its new United States CEO.
With around 70 million clients across 40 markets, Revolut is targeting the U.S. as a core part of its global expansion.
The applications have been submitted to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for review.
Revolut Eyes US Banking Approval to Expand Financial Services
If regulators approve the applications, Revolut plans to gather deposits and issue loans in the U.S. The company also intends to offer credit cards and facilitate payments for American customers.
This would represent a full-scale banking operation, moving beyond its current limited U.S. presence. Revolut currently serves American users primarily through payment and foreign exchange services.
Revolut founder and CEO Nik Storonsky made the company’s intentions clear in a recent statement. “The United States is a key pillar of our global growth strategy,” Storonsky said.
He added that a stronger U.S. presence is necessary to reach 100 million global customers. The company is expected to invest $500 million in the U.S. over the next three to five years.
That $500 million figure covers bank capital, marketing, and new hiring across the country. Outgoing U.S. CEO Sid Jajodia confirmed the investment scope in a recent interview.
Jajodia will transition into a global chief banking officer role as Duransoy steps in. Duransoy’s background at Visa brings strong financial industry experience to Revolut’s U.S. operations.
Revolut’s strategy involves attracting users first as a secondary bank account. Services like payments and foreign exchange act as entry points for new customers.
Over time, the company woos users with perks and subscription-based offerings. This model has already proven effective across Europe and other international markets.
Revolut’s US Push Comes Amid Growing Neobank Competition
Revolut is not alone in pursuing a U.S. banking license among global neobanks. Brazil’s Nubank is currently awaiting full approval for its own U.S. banking license.
Spain’s Santander launched a digital bank in the U.S. in 2024 and recently announced an acquisition. These moves show that international digital banks are actively competing for U.S. customers.
To raise brand awareness in the U.S., Revolut plans to pursue sponsorship opportunities. The company already sponsors the Audi Formula 1 team, soccer clubs, and music festivals globally.
Similar partnerships in the U.S. could help boost its visibility among American consumers. Marketing investment is built into the $500 million U.S. spending plan.
On the topic of a potential IPO, Jajodia declined to comment on any timeline. He noted that private market capital remains available and accessible for the company.
Revolut completed a secondary share sale in November, valuing the company at $75 billion. That valuation places Revolut among the most valuable private fintech companies in the world.
Revolut’s U.K. bank continues to operate under some restrictions during a mobilization phase. The restrictions are tied to the bank’s size as it scales its operations.
However, the company appears focused on moving forward with its international growth plans. The U.S. charter application is the clearest sign yet of that ambition.
