Revolut seeks US charter despite European failures

Revolut wants to be a bank in America. In March 2026, the London-based fintech filed applications with the Office of the Comptroller of the Currency and the FDIC for a national bank charter. This move would allow the company to operate as Revolut Bank US, N.A., shifting away from its current reliance on partner bank Lead Bank.

Co-founder and CEO Nik Storonsky called the filing “a major milestone toward our vision of building the world’s first truly global banking platform.” He added that “this charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers.”

If regulators approve the application, the charter would allow Revolut to operate under a single federal framework across all 50 states. This distinction is critical for a company looking to scale uniformly without handling a patchwork of state laws. The charter also grants the bank direct access to Fedwire and ACH systems. This connectivity allows for faster settlement times and reduces dependence on third parties.

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The new structure would enable Revolut to offer FDIC-insured deposits, issue loans, and provide credit cards. Crucially, it removes the need to split revenue with a partner bank. This change could significantly improve the unit economics of its US operations.

To lead this buildout, Revolut has named Cetin Duransoy as US CEO. He formerly served as the US CEO of deposit marketplace Raisin. The company has pledged $500 million toward the push, which signals a substantial financial commitment to the project. The bank will be based in Stamford, Connecticut, with an office in New York.

This is not the first time Revolut has sought a US charter. The firm withdrew a California application in 2023 amid regulatory pushback. At the time, concerns focused on internal controls and the company’s ability to manage risk at scale.

A Strategic Shift

The decision to return to the federal charter process reveals a calculated confidence that the company’s compliance infrastructure has matured enough to satisfy regulators who previously rejected it. While the previous withdrawal signaled a retreat from direct banking ambitions, the current submission—backed by half a billion dollars—indicates that management now views the regulatory hurdles as manageable rather than prohibitive. This pivot mirrors a broader trend where fintechs eventually seek charters to reduce costs, even if the initial regulatory friction is high.

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Revolut’s American roadmap leans heavily on two specific ideas: stablecoins and customers who move money across currencies. The planned bank will combine FDIC-insured checking accounts with multi-currency deposits across more than 30 currencies.

The app will also integrate stock trading, crypto trading, and stablecoin services into a single interface. For this banking entity, the initial focus will be on retail and business customers with international banking needs. That strategy tracks with Revolut’s existing identity as a multi-currency tool for travelers and remittance senders.

By targeting customers who already operate across borders, Revolut is avoiding direct competition with incumbents that focus solely on domestic banking. This niche has historically been underserved by traditional US banks, which often charge high fees for cross-border transactions.

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