Revolut Seeks US Bank Charter in Push to Scale American Business

The London-based fintech said on 5 Mar that it submitted an application to the Office of the Comptroller of the Currency (OCC) to obtain a national bank charter, a move that would allow the company to offer insured deposits and a broader range of financial products directly to US customers.

If approved, the charter would enable Revolut to operate as a fully regulated bank in the country rather than relying on partner institutions for core banking services.

The application comes as a growing number of digital asset firms have received conditional approval to establish a national trust bank in the US.  

Revolut launched in the US in 2020 but has so far operated through partnerships with regulated banks, including Lead Bank. Such partnerships allow the company to offer debit accounts and payment features to approximately 500,000 American retail users, but limit its ability to expand into other banking services.

Obtaining a national charter would bring Revolut under federal supervision and potentially allow it to compete more directly with US digital banks and fintech platforms. 

"The United States is a key pillar of our global growth strategy," said Nik Storonsky, CEO of Revolut. The company said it had appointed Cetin Duransoy to oversee the US and has already started operations in neighbouring Mexico.  

Regulatory hurdles in the US 

Revolut's push for a banking licence illustrates the regulatory challenges that have historically slowed the company's expansion in the US. Unlike in Europe, where fintechs can operate across multiple countries under a single banking licence, the US regulatory system is fragmented across federal and state authorities. Companies without their own banking charter typically rely on partnerships with licensed banks to provide deposit accounts and access to payment rails.

Crowded fintech landscape 

The company also faces intense competition in the US from established fintech players such as Robinhood, Cash App and PayPal, each of which dominates key segments of the market, including retail investing, digital banking for merchants and payments. 
That competitive landscape has made the US a more difficult expansion target for European neobanks, several of which have struggled to scale their businesses in the country. 

Revolut is seeking to expand in what is already the world’s largest fintech market. The US fintech sector is estimated to generate roughly $66.8bn in revenue in 2026 and could grow to more than $135bn by 2031, as per industry estimates. 

Despite its global scale, with more than 70mn customers worldwide according to the 5 Mar statement, Revolut’s US presence remains relatively small. The company has roughly one million American customers, according to the Financial Times. Revolut was valued at $75bn following its latest funding round in November 2025. 

[We updated this story with context of Revolut's North American expansion and a more recent worldwide customer number].