Revolut Shifts Strategy in Pursuit of U.S. Banking License

Revolut, the U.K.-based fintech giant, has abandoned plans to acquire a U.S. bank and will instead pursue a de novo banking license from the Office of the Comptroller of the Currency. The MOVE marks a strategic pivot for the digital-only financial services provider, which initially sought to fast-track its American expansion through acquisition.

The company found the acquisition route fraught with complications, including regulatory hurdles and the need to maintain physical branches—a requirement at odds with Revolut's asset-light model. Industry observers note the decision reflects growing confidence in the OCC's streamlined licensing process under the Biden administration.

This development comes as neobanks increasingly challenge traditional financial institutions. Revolut's revised approach could set a precedent for other digital-first companies seeking to enter regulated markets without compromising their operational models.