From Payments to Full Banking: Revolut Bets Big on a US National License

British fintech Revolut has submitted an application to US regulatory authorities for a national bank charter. The so-called Bank Charter Application was filed with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). At the same time, the company appointed Cetin Duransoy (Ex-Raisin, Ex-Visa) as the new CEO for the USA. This is Revolut’s second attempt to obtain a US banking license.

Revolut’s Current License Structure

Revolut already holds various banking licenses in different markets. The parent company Revolut Bank UAB is a licensed European bank headquartered in Lithuania. It is authorized and regulated by the Bank of Lithuania and the European Central Bank. This European banking license enables Revolut to offer banking services in EU member states.

Furthermore, Revolut has undertaken additional regulatory steps in recent months. These include the launch of banking services in Mexico, obtaining a payment license in India, and a provisional payment license in the United Arab Emirates. In the USA, the company currently operates without its own banking license and offers only payment services such as money transfers and cross-border currency exchange.

Why the USA is Attractive for Revolut

The US market represents a strategically important expansion target for Revolut for several reasons. With over 330 million inhabitants and one of the largest financial markets in the world, it offers considerable growth potential. Revolut aims to reach a total of 100 million customers worldwide by mid-2027; currently, more than 70 million people use the company’s services.

Strategic Advantages of a US Banking License

A national US banking license would provide Revolut with several operational and business advantages:

• Full control over customer experience: The company could develop products faster and roll them out directly to customers without relying on third-party providers.
• Federal regulation: Revolut could operate seamlessly across all 50 states under a single regulatory framework, rather than needing separate licenses for individual states.
• Direct access to payment infrastructure: Connection to central systems such as Fedwire and ACH would improve the speed, reliability, and cost-efficiency of transactions.
• Lending and new revenue streams: With a banking license, Revolut could offer personal loans and credit cards directly and thus unlock interest margins and revenue from core banking operations. This is especially important in the USA.

Global Growth Strategy

The application for a US banking license fits into Revolut’s broader expansion strategy. The company plans to expand into 30 new markets by 2030. In November 2025, Revolut completed a capital measure that raised the company’s valuation to 75 billion US dollars. This makes the company one of the most valuable private technology companies in the world.

“The United States is a central pillar of our global growth strategy. The submission of our Bank Charter Application is a significant step toward our vision of building the world’s first truly global banking platform,” said Revolut founder and CEO Nik Storonsky.

New Leadership for the US Market

With Cetin Duransoy, Revolut has won an experienced manager for its USA expansion. Duransoy brings more than twenty years of experience in technology, payments, and financial services. Most recently, he was CEO for the USA at Raisin, a leading fintech platform, where he expanded the network to over 90 banks and credit unions. Previously, he held senior positions at Capital One and VISA.

His predecessor Sid Jajodia remains with the company and assumes the newly created role of Global Chief Banking Officer.