Fintech giant Revolut has reignited its ambitions in the lucrative North American market by submitting a new application for a U.S. national bank charter, marking its second concerted effort to obtain a banking license in the United States. The London-headquartered company officially filed its application with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish "Revolut Bank US, N.A." This strategic move underscores Revolut’s long-term vision to integrate more deeply into the American financial landscape and offer a comprehensive suite of banking services directly to U.S. consumers.
The application submission, announced on a Thursday, follows a previous attempt by Revolut to secure a U.S. banking license in 2021. That initial endeavor, pursued through California state regulators, ultimately stalled and was formally withdrawn in 2023 after encountering significant regulatory hurdles and internal control concerns. The company’s renewed pursuit, this time through the federal chartering process, signifies a more direct and potentially more impactful approach to establishing a regulated banking presence in the United States.
To spearhead its U.S. operations, Revolut has appointed fintech veteran Cetin Duransoy as its new U.S. CEO. Duransoy brings over two decades of extensive experience in the banking, payments, and technology sectors. His previous role as U.S. CEO of the fintech marketplace Raisin positions him well to navigate the complexities of the American financial industry. Duransoy will be succeeding Sid Jajodia, who will transition to the role of global chief banking officer, retaining a significant leadership position within the company.
Nik Storonsky, founder and CEO of Revolut, emphasized the strategic importance of the U.S. market. "The United States is a key pillar of our global growth strategy," Storonsky stated. "Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform." This statement highlights Revolut’s overarching ambition to create a unified and borderless financial ecosystem for its users worldwide.
Unlocking Nationwide Operations and Enhanced Services
The acquisition of a national bank charter from the OCC would grant Revolut a pivotal advantage: the ability to operate under a single, unified federal regulatory framework across all 50 U.S. states. This uniformity simplifies compliance and operational complexities, enabling a more streamlined expansion and service delivery model.
Crucially, a federal charter would provide Revolut with direct access to the core U.S. payment systems, Fedwire and the Automated Clearing House (ACH) network. These systems are fundamental to the functioning of the American financial system, facilitating efficient and secure fund transfers. Direct access would reduce reliance on third-party intermediaries, potentially lowering transaction costs and improving processing times for Revolut’s customers.
Furthermore, an FDIC-insured bank charter would allow Revolut to offer insured deposits to its U.S. customers, a significant step in building trust and security for account holders. The FDIC insures deposits up to $250,000 per depositor, per insured bank, for each account ownership category. This insurance is a cornerstone of consumer confidence in the traditional banking system.
With a national bank charter in place, Revolut would be empowered to significantly expand its product offerings to the U.S. market. This includes the potential to introduce a wider range of lending products, such as personal loans and credit cards, which are key revenue drivers for established financial institutions. Such an expansion would allow Revolut to compete more directly with incumbent banks and other fintechs offering credit-based financial products.
A Renewed Pursuit After Previous Setbacks
Revolut’s journey toward obtaining a U.S. banking license has been marked by perseverance. The company’s initial attempt in 2021 through state-level regulators in California proved to be a challenging path. The process stalled, and the application was ultimately withdrawn in 2023. Reports at the time indicated that the withdrawal was due to a combination of factors, including regulatory scrutiny concerning internal controls and compliance procedures.
The current application, filed directly with federal agencies, suggests a refined strategy and potentially a stronger readiness to meet the stringent requirements of the OCC and FDIC. The OCC, in particular, is known for its rigorous vetting process for new bank charters, which includes a thorough review of an applicant’s financial stability, management expertise, business plan, and compliance infrastructure.
Revolut’s Global Scale and Valuation
Revolut has established itself as a significant player in the global fintech arena. The company currently boasts a substantial customer base, serving over 70 million customers worldwide and operating in 40 different markets. This global reach provides a strong foundation for its U.S. expansion efforts, allowing it to leverage its existing brand recognition and operational expertise.
In a testament to its growth and market position, Revolut completed a secondary share sale in November 2025, which valued the company at an impressive $75 billion. This substantial valuation underscores investor confidence in Revolut’s business model and its potential for continued expansion and profitability.
The company’s strategic pivot toward obtaining a national bank charter represents a shift from earlier plans to acquire an existing American bank. This acquisition-based approach was also part of Revolut’s global expansion strategy. However, pursuing a charter directly allows for greater control over the build-out of its U.S. banking operations and brand integration.
A Growing Trend: Fintechs Seeking Federal Charters
Revolut’s pursuit of a U.S. national bank charter is part of a broader trend among fintech and cryptocurrency companies seeking to establish regulated banking entities in the United States. The OCC has become a key regulator for such applications, offering a pathway for non-traditional financial firms to gain federal banking licenses.
Recent examples illustrate this trend:
- Nubank: In January, Nubank, a prominent Brazilian digital bank, received conditional approval from the OCC to establish a national bank in the United States. This marked a significant step for the neobank as it aims to expand its U.S. presence.
- Crypto.com: In February, the cryptocurrency exchange Crypto.com secured a similar conditional approval from the OCC to form a national bank and trust charter. This move signals the growing interest of crypto firms in obtaining traditional banking licenses.
- Previous Approvals: In December 2025, the OCC granted conditional approval to five other national bank charter applications from prominent companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. These approvals highlight the OCC’s willingness to consider applications from a diverse range of financial technology and digital asset firms.
These approvals suggest a more open regulatory environment for fintechs seeking to become regulated financial institutions. However, the conditional nature of these approvals typically signifies that further requirements and oversight will be in place before full operational approval is granted.
Implications and Future Outlook
Revolut’s second attempt at securing a U.S. national bank charter is a high-stakes endeavor. A successful outcome would position the company to compete more directly with established U.S. banks and other neobanks, offering a more integrated and potentially cost-effective banking experience for American consumers. It would also allow Revolut to fully leverage its technological capabilities and global product suite within the highly regulated and competitive U.S. market.
The approval process is expected to be rigorous and may involve detailed examinations of Revolut’s financial health, risk management practices, and adherence to anti-money laundering (AML) and know-your-customer (KYC) regulations. The previous withdrawal of its state charter application underscores the importance of robust compliance and internal controls in satisfying regulatory expectations.
The appointment of Cetin Duransoy as U.S. CEO is a clear indication of Revolut’s commitment to building a strong leadership team with deep industry knowledge to navigate the U.S. regulatory and market landscape. His experience will be crucial in guiding the company through the application process and preparing for operational launch.
The broader implications of Revolut’s application extend to the ongoing evolution of the financial services industry. As more fintech companies seek to become regulated banks, it signals a blurring of lines between traditional finance and technology-driven financial services. This trend could lead to increased innovation, greater consumer choice, and potentially more competitive pricing across the financial sector.
For Revolut, a national bank charter would represent a significant leap forward in its mission to become a truly global financial superapp. It would solidify its presence in one of the world’s largest and most influential economies, paving the way for sustained growth and market penetration. The coming months will be critical as the OCC and FDIC review Revolut’s application, determining whether the fintech giant can finally achieve its long-sought banking license in the United States.
