Revolut is taking a major step toward establishing a full-service presence in the United States, signalling its intent to compete directly with traditional banks in one of the world’s most tightly regulated financial markets. The move highlights the growing ambition of global digital banks to secure deeper regulatory integration.
The United Kingdom-based digital financial institution Revolut has officially submitted applications to secure a de novo national bank charter in the United States. This significant regulatory move involves formal filings with the Office of the Comptroller of the Currency and a request for deposit insurance from the Federal Deposit Insurance Corporation. These steps represent a critical phase in the company’s effort to establish a permanent and independent presence in the American banking sector.
If the regulatory authorities grant these requests, the London-headquartered firm intends to conduct its domestic operations under the official name Revolut Bank US NA. A national bank charter would provide the organisation with the legal authority to offer its services across all fifty states. This federal status would also grant the company direct access to essential domestic payment systems such as Fedwire and the ACH network. Such access is vital for any financial institution looking to process transactions efficiently without relying on intermediary banks.
The planned product suite for the American market includes a variety of traditional and digital financial tools. Customers can expect to see interest-bearing deposit accounts, personal loans, and credit card products once the charter is active. To oversee this ambitious expansion, the company has named Cetin Duransoy as the Chief Executive Officer for its United States operations. Duransoy brings a wealth of industry experience to the role, having previously led the American division of the fintech firm Raisin. His professional background also includes significant leadership roles at major financial corporations, including Capital One and Visa.
Duransoy takes over the regional leadership role from Sid Jajodia, who is transitioning to focus on his responsibilities as the global banking chief for the parent company. This leadership change comes at a time when the firm is placing a heavy emphasis on international scaling. Nik Storonsky, the co-founder and global leader of the organisation, has identified the United States as a primary pillar of the brand’s overall growth strategy. The firm already manages a massive global footprint, serving more than 70 million customers across 40 international markets.
Recent activity from the company demonstrates a rapid pace of global diversification. The firm recently launched operations in Mexico after receiving final approval for a banking license there earlier this year. Expansion efforts are also visible in South America, where the company entered the Argentine market through the acquisition of Banco Cetelem and submitted a banking license application in Peru. These moves are supported by a massive financial commitment, as the digital bank recently announced a ten billion pound investment plan dedicated to international growth over the next five years.
The company’s valuation has climbed to $75 billion following a successful secondary share offering completed late last year. This capital influx supports the firm’s goal of entering 30 new markets by the end of this decade and adding 30 million more customers to its platform by the middle of next year. Storonsky noted that obtaining a federal charter in the United States will provide the direct control necessary to accelerate innovation. The organisation’s ultimate objective is to reach a global user base of 100 million customers while delivering a seamless digital banking experience to millions of residents across the United States.
What this means for the industry
• Digital banks are targeting full regulatory integration
Securing a national charter allows fintech firms to operate independently within the traditional banking system.
• The US market remains a key battleground
Global fintech players view the United States as a critical growth market despite its complex regulatory environment.
• Control over payment infrastructure is becoming essential
Direct access to systems like Fedwire and ACH reduces reliance on partner banks and improves efficiency.
• Global expansion strategies are accelerating
Fintech firms are scaling rapidly across multiple regions to build diversified and resilient business models.
• Competition between fintechs and traditional banks is intensifying
As digital banks gain regulatory approvals, they are increasingly positioned to compete directly with established financial institutions.
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