Revolut Plots US Bank Takeover to Fast-Track Elusive American Banking License

Fintech disruptor Revolut is playing chess while traditional banks play checkers—its latest move? Snatching up a US bank to bulldoze regulatory roadblocks.

The backdoor banking license strategy

No patience for the Fed's slow-drip approval process? Buy the keys to the kingdom. Revolut's potential acquisition would let them bypass the queue of fintechs begging for US banking legitimacy—because nothing says 'innovation' like writing a big enough check.

Wall Street's worst nightmare

Another neobank muscles into Main Street's turf, armed with slick apps instead of marble lobbies. JPMorgan's Jamie Dimon probably just felt a chill down his spine—right before muttering 'blockchain isn't real' into his bourbon.

The cynical closer

Because in modern finance, the quickest way to become a bank is to buy one—while regulators scramble to update their rulebooks written for the fax machine era.

Revolut Seeks To Scale Via Expansions In The Middle East, Latin American Market

Reportedly, Revolut is currently amidst discussions for a funding round that WOULD boost its valuation to around $65 billion, according to the Financial Times. The company will allocate a portion of the raised capital to further its expansion plans in the future.

Revolut has explored similar acquisition opportunities in other regions as a part of its broader expansion strategy, including plans to buy a bank in the Middle East. Additionally, just last month, it finalised the purchase of the Argentinian lender Cetelem from BNP Paribas.

While it also holds a banking license in Lithuania, which grants Revolut access to the European Union and Mexico, the company has yet to score a banking license in the UK. While its application was approved last year, regulatory restrictions in the region have continued to limit its lending operations.

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Revolut Acquiring US Bank License: Could Reboot Digital Asset Play

Revolut’s global ambitions, however, are beyond just traditional banking. The company already offers crypto trading across the UK and the European Economic Area (EEA) and has resumed limited services in Hungary last week.

A new legislation in Hungary required crypto firms to secure domestic licenses, leading to a pause earlier in the summer.

Revolut stopped its crypto offerings in the US in October 2023 amid regulatory uncertainty. Now that perspectives have changed, its pursuit of a banking license can potentially clear a pathway for the company to offer a broader range of services in the US, including digital assets.

However, it all depends on whether its application is approved or not.

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Key Takeaways

• UK neobank, Revolut, is eying a US nationally chartered bank to accelerate its American license bid
• The UAE and Latin America are a part of Revolut’s global expansion strategy
• Revolut is weighing its options and might consider applying for its own US banking license as an alternative