Revolut Plans to Apply for US Banking License, Scraps Bank Acquisition Plan

Why Is Revolut Rethinking Its US Entry Strategy?

Revolut is preparing to apply for a US banking license, stepping away from an earlier plan to acquire a local lender, according to a report by the Financial Times. The UK-based fintech has been in discussions with US officials about viewking approval through the Office of the Comptroller of the Currency, citing people familiar with the matter.

The approach would represent a change in direction. In September 2025, Revolut said it was exploring the purchase of a US bank as a way to accelerate its expansion in the market. The licensing route, if pursued, suggests the company now views a clearer or quicker path through federal regulators than through acquisition.

Sources cited by the FT said Revolut believes approval timelines could improve under a more crypto-friendly regulatory environment tied to the Trump administration. purchaseing a community bank would also have brought additional obligations, including the need to operate physical branches, which the company appears keen to avoid.

Investor Takeaway

What Would a US Banking License Change?

Securing a national banking license would allow Revolut to offer a broader range of services in the US under a single regulatory framework. That would reduce reliance on partner banks and give the fintech more control over deposits, payments, and lending activities.

The move would also place Revolut alongside a small group of fintechs attempting to cross the regulatory line from financial app to licensed bank in the US. While several firms have tried similar paths, progress has often been sluggish due to regulatory scrutiny and shifting policy priorities.

Revolut US chief executive Sid Jajodia acknowledged that uncertainty last year. “It is our ambition to be a bank in the US,” he said, according to the report. “We would love to get a banking license soon, because it’s part of our objective to scale in the market.”

He added that the company was still assessing options as of September 2025 and said quicker regulatory processes would be welcome. “A year is a long time in a tech space, so speed is critical,” Jajodia said at the time.

How Does This Fit Into Revolut’s Global Expansion?

Revolut unveiled a global expansion plan in 2025, committing $13 billion over five years to support international growth. Following a share sale in November, the company was valued at $75 billion, ranking it among the most highly valued fintech firms worldwide.

The US remains one of the most significant missing pieces in that expansion. Despite a growing customer base and strong brand recognition, Revolut has yet to secure the regulatory footing needed to operate as a full-service bank in the country.

In other regions, progress has been more visible. In late 2025, Revolut said it had secured banking licenses in Colombia and Mexico. It also obtained a Markets in Crypto-Assets Regulation license from Cyprus in October, giving it a foothold under the EU’s new crypto framework.

Investor Takeaway

Why Is the US Path Still Uncertain?

Applying for a US banking license does not guarantee approval, and timelines can stretch for years. Regulators have historically taken a cautious approach to granting charters to fintech firms, especially those with large international operations and crypto exposure.

The FT report noted that Revolut has yet to confirm its plans publicly. The company did not respond to a request for comment at the time of publication, leaving open questions about timing and scope.

Complicating matters further, Revolut has not yet completed its own transition into a fully operational bank in its home market. Although it received a restricted banking license from the UK’s Prudential Regulation Authority in 2024, not all services are available to UK customers.

That unfinished rollout underscores the regulatory balancing act the company faces: pushing into new markets while still working through licensing conditions at home. Whether US regulators will view that as a risk or a manageable phase remains to be viewn.