Revolut Seeks U.S. Banking License to Expand Operations
- Revolut filed for a banking license with the Office of the Comptroller of the Currency (OCC).
- If approved, it would allow direct access to payment networks like Fedwire and ACH.
- The fintech firm is valued at approximately $75 billion and aims to build a global digital bank.
- Currently, Revolut provides U.S. banking services through a partnership with Lead Bank.
- This filing follows Kraken’s recent acquisition of a Federal Reserve “master account” for its banking arm.
The application for a de novo banking license represents a shift in strategy after Revolut abandoned plans to acquire an existing U.S. bank earlier this year. This move is seen as crucial for its expansion into the American financial system.
Approval of this charter could significantly enhance Revolut’s operational capabilities in the U.S., following its previous achievement of securing a restricted U.K. banking license in the past year.
