Revolut applies for US bank charter, commits $500M to market growth
Revolut has applied for a US national bank charter and plans to invest $500 million in the US market over the next few years.Summary
Fintech giant Revolut announced on Thursday that it has officially filed an application for a U.S. national bank charter as part of its strategy to expand in North America, where it already has over one million customers. The company intends to invest $500 million in the US market over the next three to five years to support this growth. Securing this charter would grant Revolut direct access to Federal Reserve payment systems, allow it to accept federally insured deposits up to $250,000, and enable it to offer personal loans and credit cards directly. Revolut has appointed former Visa executive Cetin Duransoy to lead its US operations. This is the company's second attempt at obtaining a US banking license, having withdrawn a previous application in 2023 following regulatory setbacks. This renewed effort follows similar pursuits by other fintechs like PayPal and Coinbase amid evolving US regulations.
(Source：Crypto Briefing)