Crypto-friendly fintech giant Revolut files for U.S. banking license

Revolut has formally applied for a U.S. national bank charter, a move that would let the crypto‑friendly fintech operate as a full‑service, FDIC‑insured bank across all 50 states if approved.

What Revolut just did

• Revolut submitted de novo applications to the OCC and the FDIC to establish “Revolut Bank US, N.A.” as a national bank, rather than buying an existing U.S. bank.

• The charter would allow it to take insured deposits, make loans, issue credit cards, and get direct access to Fed payment rails for U.S. customers.

• This follows Revolut dropping a planned U.S. bank acquisition earlier this year in favor of a standalone license strategy.

Scale, strategy, and crypto angle

• Revolut has around 70 million customers in 40 markets globally and was last valued at about 75 billion dollars after a 2025 secondary share sale.

• Management frames the charter as central to a push toward 100 million customers by mid‑2027, with a stated plan to invest roughly hundreds of millions of dollars in the U.S. over the next several years.

• A U.S. bank license would also improve access to clearing and settlement infrastructure that underpins Revolut’s existing crypto and stablecoin services, which have been a core differentiator for the firm.

Leadership and regulatory context

• Revolut named former Visa executive Cetin Duransoy as its new U.S. CEO alongside the charter filing, while current U.S. CEO Sid Jajodia moves into a global chief banking officer role.

• The filing comes as the current Trump administration has signaled a more permissive posture toward fintech and some crypto‑related bank and trust charters, encouraging global digital banks to seek full U.S. licenses now.

From your perspective in consumer finance and regulation, are you most interested in the regulatory approval odds/timeline here or in how a licensed Revolut might compete with U.S. banks and credit unions on deposits and lending?