Revolut Moves to Secure U.S. Charter for Banking Expansion

TLDR

• Revolut applied for a U.S. bank charter with the OCC

• Approval would grant access to Fedwire and ACH networks

• Revolut plans to offer loans and credit cards in the U.S.

• Deposits remain insured through Lead Bank during review

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Revolut has applied for a U.S. national bank charter as part of its expansion strategy. The London-based fintech submitted its application to the Office of the Comptroller of the Currency.

The filing would allow Revolut to operate as a regulated bank in the United States. It would also grant direct access to payment systems such as Fedwire and the Automated Clearing House.

The move aligns with the company’s plan to build a global digital bank. The U.S. market remains central to that strategy.

Direct Access to U.S. Payment Networks

If approved, the charter would allow Revolut to connect directly to Fedwire and ACH. These systems process trillions of dollars in transfers between financial institutions.

Direct access would reduce reliance on intermediary banks. It would also allow faster settlement and improved control over transaction processing.

At present, Revolut operates in the U.S. through a partnership with Lead Bank. That arrangement enables the company to offer accounts and payments without its own banking charter.

Customer deposits remain insured through Lead Bank, which is a member of the Federal Deposit Insurance Corporation. Revolut stated that product offerings may vary by region during the review process.

Lending Products and Insured Deposits

A U.S. banking license would enable Revolut to expand its product range. The company plans to introduce personal loans and credit cards after approval.

The charter would also allow Revolut to hold insured deposits directly. This would replace its reliance on partner banks for deposit services.

Revolut previously explored acquiring a U.S. bank but withdrew those plans in January. The company instead chose to pursue a de novo charter, which allows a bank to start operations from scratch.

The application was also filed with the Federal Deposit Insurance Corporation. Approval from regulators would mark a key milestone in its U.S. growth strategy.

Part of a Broader Regulatory Strategy

Revolut operates in more than 40 markets and serves over 70 million users globally. It holds a restricted banking license in the United Kingdom and licenses in other jurisdictions.

The company is not classified as a bank in every region where it operates. Securing a U.S. charter would expand its regulatory footprint outside Europe.

Sid Jajodia, chief executive of Revolut U.S., said the application reflects the current policy environment. He told the Financial Times,

He added that greater clarity in areas such as crypto has supported the company’s decision. Revolut offers crypto trading alongside traditional financial services.

The filing comes shortly after Kraken secured a Federal Reserve master account for its banking arm. That development granted direct access to the Federal Reserve’s core payment system.

The firm, valued at about $75 billion, has identified the United States as a priority market. Approval of the charter would allow it to expand services with full regulatory authorization.

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