Revolut, the U.K.-based fintech giant valued at approximately $75 billion, has officially filed an application for a U.S. national bank charter with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). This marks the company's second attempt to secure a banking license in the United States, following a stalled effort through California regulators in 2021 that was withdrawn in 2023 due to regulatory hurdles and internal control concerns.
The application seeks to establish "Revolut Bank US, N.A." and represents a strategic shift from the company's earlier plan to acquire an American bank. If approved, the de novo banking license would allow Revolut to operate under a single federal regulatory framework across all 50 states, significantly expanding its presence in the world's largest economy.
Key benefits of the license include direct access to core U.S. payment networks such as Fedwire and the Automated Clearing House (ACH), systems that move trillions of dollars annually. This would eliminate the company's current reliance on its Kansas City-based partner, Lead Bank, for U.S. banking services. Furthermore, approval would enable Revolut to offer FDIC-insured deposits and expand its product suite to include lending products like personal loans and credit cards.
In tandem with the application, Revolut appointed fintech veteran Cetin Duransoy as its new U.S. CEO. Duransoy, who brings over two decades of experience in banking and payments, replaces Sid Jajodia, who will transition to the role of global chief banking officer. Founder and CEO Nik Storonsky emphasized that "The United States is a key pillar of our global growth strategy," calling the filing "a major milestone toward our vision of building the world's first truly global banking platform."
The move aligns with a broader trend of fintech and crypto-native firms seeking U.S. banking charters. Notably, crypto exchange Kraken recently secured a Federal Reserve master account, while companies including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos received conditional OCC approval for national bank charters in December 2025. Revolut, which serves over 70 million customers across 40 markets globally and holds a restricted U.K. banking license, views U.S. approval as one of its most significant regulatory milestones outside Europe.
