Revolut has applied for a banking license in the US. This could become its largest market

British fintech Revolut has applied for a banking license in the United States. This was announced in a statement on the company's website. It called it "an important milestone in Revolut's strategic expansion in North America" and towards its goal of becoming "the world's first truly global banking platform."

If licensed, Revolut will be able to operate in all 50 states under the oversight of federal regulators. It will be able to connect to payment systems, ensuring speed, reliability and cost-effectiveness. Revolut will also be able to offer loans and credit cards directly and access "key bank proceeds," as well as offer federally insured deposits, the company said.

"The U.S. is a key pillar of our global growth strategy. [...] The banking license will give us the direct control we need to more rapidly innovate and deliver Revolut's services to millions of Americans as we move toward our goal of 100 million customers," said Revolut co-founder and CEO Nick Storonsky (as quoted in the announcement).

Revolut plans to name its U.S. bank Revolut Bank US, N.A. The company has named Chetan Durensoy, who formerly held senior positions at Capital One and Visa, and immediately prior to his appointment at Revolut headed fintech marketplace Raisin, as CEO for the U.S., the service said.

Revolut was looking for a low-cost, federally licensed bank in the U.S. in 2025, the purchase of which would allow it to make loans across the country, the Financial Times wrote. At the time, the fintech assumed that would allow it to expand in the U.S. market faster than applying for a license. But then the company changed its mind and decided to still apply for a license on its own, the newspaper claimed.

Historically, obtaining a banking license in the US was a lengthy process that took years. However, this has changed since the Trump administration lifted strict merger oversight rules for the sector, the FT explained.

Revolut holds a Lithuanian banking license, which is valid throughout the European Union, as well as a limited license in the UK. The British regulator has delayed issuing Revolut a full banking license due to concerns about the startup's ability to manage risk given its rapid international expansion, the Financial Times claimed.

In January, Revolut launched its first bank outside Europe - beginning to provide full banking operations in Mexico. It received a banking license there in October 2025. Revolut also sought a banking license in Peru in January. Bloomberg also wrote that the company is in talks to buy a little-known local neobank, FUPS, in Turkey.

Revolut is considering a new sale of its own shares in the second half of 2026, with it expecting a valuation of at least $100 billion, sources told Bloomberg in February. The company is making plans amid strong investor demand ahead of a possible IPO, the agency said. According to its interlocutors, with a possible listing, Revolut expects a valuation of at least $150 billion. In 2025, the fintech held several share sales, which resulted in a valuation of $75 billion - compared to $45 billion in 2024.

This article was AI-translated and verified by a human editor