Revolut Renews US Banking Push with Charter Application and New US CEO
Revolut has reapplied for a US national bank charter and appointed Cetin Duransoy as its new US CEO.Summary
Fintech company Revolut has made a second attempt to enter the North American market by filing a new application for a US national bank charter with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish "Revolut Bank US, N.A.". Concurrently, the company named fintech veteran Cetin Duransoy as its new US CEO, replacing Sid Jajodia. Revolut's founder and CEO, Nik Storonsky, stated that securing the charter is crucial for their global growth strategy. Approval would allow Revolut to operate nationwide under a single federal framework, gain direct access to payment systems like Fedwire and ACH, offer FDIC-insured deposits, and expand into personal loans and credit cards. This renewed effort follows a previous unsuccessful attempt in 2021 that was withdrawn in 2023 due to regulatory hurdles. This move signals a shift from prior plans to acquire an existing American bank.
(Source：Cointelegraph)