Revolut Files for U.S. National Bank Charter

Revolut, the London-based fintech company valued at 75 billion, announced on Thursday that it has filed an application for a U.S. national bank charter, marking a significant step in its expansion into the American market where it already serves more than one million customers.

The application was submitted to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, with eventual oversight from the Federal Reserve. If approved, the charter would enable Revolut to operate as Revolut Bank US across all 50 states under a single federal framework, rather than relying on state-by-state regulations. Currently, the company partners with Lead Bank in Kansas City to provide services such as accounts and payments in the U.S.

This move represents Revolut's second attempt to secure a U.S. banking license. The company submitted a draft application in 2021 but withdrew it in 2023 amid regulatory challenges and internal control issues. Officials at Revolut considered alternatives, including acquiring an existing U.S. lender, but opted for a de novo charter to start fresh with its own balance sheet and systems. The company has committed 500 million to U.S....