Revolut applies for US bank licence, names US CEO amid expansion

Revolut has taken a significant step in its North American growth plan, applying for a US banking licence and appointing a new chief executive to lead its operations in the country. The London-based fintech, valued at around $75 billion, is aiming to deepen its presence in the world’s largest financial market.

A major step toward US expansion

The company confirmed it has filed for a US national bank charter with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). Securing a charter would strengthen Revolut’s ability to offer a broader suite of financial products under a unified regulatory framework in the United States.

Revolut described the move as a milestone in its North American strategy and a key part of its ambition to build a truly global banking platform. A US licence would help the firm bring more of its services—such as deposit accounts and lending—under its own banking entity, subject to regulatory approvals.

New leadership for the United States

Revolut also named Cetin Duransoy, a former executive at Visa, as its US CEO. He succeeds Sid Jajodia, who will remain with the company as global chief banking officer. The leadership shift is intended to accelerate Revolut’s regional execution and align its US operations with its broader global strategy.

Why this matters

• Deeper US footprint: A national bank charter would position Revolut to expand services across states more efficiently and consistently.
• Product expansion: Operating as a bank could enable Revolut to offer more comprehensive financial products within a single ecosystem, pending regulatory approvals.
• Competitive landscape: The move underscores intensifying competition among fintechs and traditional banks for US customers seeking modern, mobile-first financial services.

What to watch next

The OCC and FDIC will review Revolut’s application through a multi-step process that assesses capital, risk management, compliance, governance, and consumer protection. Timelines for approvals can vary, and the company’s US product roadmap will depend on the outcome of this review.

In the meantime, Revolut is expected to continue building out its US team and refining its offerings to meet regulatory standards and customer expectations in the market.