Revolut’s Strategic Push for US Bank Charter Signals Fintech Expansion

Revolut, the London-based fintech giant valued at $75 billion, has submitted a fresh application to the Federal Reserve for a US national bank charter. This marks its second attempt to secure a banking license in the world's largest economy, underscoring ambitions to operate across all 50 states under a unified federal framework.

The company appointed Cetin Duransoy as its new US CEO, leveraging his two decades of experience in banking and fintech—most recently as Raisin's US chief. His appointment coincides with Revolut's intensified North American push, while former US CEO Sid Jajodia transitions to global chief banking officer.

A charter would grant Revolut direct access to Fedwire and ACH payment systems, FDIC-insured deposits, and expanded product offerings like credit cards. The move reflects a broader trend among fintech and crypto firms—including Nubank, Circle, and Ripple—seeking OCC licenses to cement legitimacy and scalability.