Revolut Makes Second Attempt to Secure US Banking License
London-based financial technology powerhouse Revolut has officially submitted its second application for a United States banking charter, marking a significant strategic move to penetrate the lucrative North American market. This development comes as the company's parallel efforts to obtain a full UK banking permit continue to experience prolonged regulatory delays.
A Major Milestone in Global Banking Ambitions
Nik Storonsky, founder and chief executive of Revolut, characterized this filing as a "major milestone" in the firm's ambitious vision to establish what he describes as the "first truly global banking platform." Storonsky emphasized that securing this charter would provide Revolut with the direct operational control necessary to accelerate innovation and extend its distinctive banking experience to millions of additional American customers. The company is aggressively pursuing an ambitious target of reaching 100 million customers worldwide.
In conjunction with this regulatory push, Revolut has appointed Cetin Duransoy, a former Visa executive and seasoned fintech veteran, as its new chief for the United States region. Duransoy succeeds Sid Jajodia, who will continue in his role as the neobank's global chief banking officer, overseeing broader international operations.
Overcoming Past Regulatory Hurdles
This application represents Revolut's second concerted effort to obtain a US banking license. The company's initial attempt, filed with California regulators in March 2021, ultimately stalled and was formally withdrawn in late 2023. That earlier process was marred by significant regulatory friction, including a substantial $20 million loss attributed to a flaw in its US payment system and ongoing concerns from regulators regarding the firm's internal financial controls and compliance frameworks.
Throughout 2025, industry speculation suggested Revolut was considering the acquisition of an existing US bank as an alternative pathway to secure a license. However, reports indicate this strategy was ultimately abandoned. The primary deterrent was the legal requirement for banks to maintain physical branch networks, a model fundamentally at odds with Revolut's digital-first, branchless operational philosophy.
Persistent Challenges on Home Turf
While pursuing expansion abroad, Revolut continues to navigate a complex regulatory landscape in its home country. The fintech firm, valued at approximately $75 billion, entered a formal "mobilisation period" with UK regulators last year. This phase follows a three-year waiting period for initial license approval. Despite this progress, the company has still not received the final green light required for a full-scale banking launch in the United Kingdom.
Revolut has publicly defended the protracted timeline, arguing that due to its unprecedented scale and operational complexity—making it the largest entity ever to undergo the UK's mobilisation process—"getting this right is more important than rushing to meet a specific date." The company currently serves nearly 1.2 million customers in the United States. Securing a federal US banking charter would enable it to operate seamlessly across all 50 states under a unified regulatory framework, significantly streamlining its expansion efforts.
Fintech Industry Trends Following Regulatory Reforms
Revolut's latest application aligns with a broader trend of fintech firms seeking to capitalize on regulatory reforms enacted during the Trump administration. A wave of digital banking peers are pursuing US charters to leverage a more favorable regulatory environment.
- Bunq, Europe's second-largest digital bank behind Revolut, has lodged an application for a national banking charter with a US Treasury Bureau. The Dutch challenger bank, which reached 20 million users in just a decade, shifted its focus to the US after obtaining a broker-dealer license last year, allowing it to offer stock trading services to American customers.
- In December 2025, payments behemoth PayPal filed for a US banking license to enhance its small business lending capabilities. The company has provided over $30 billion in loans and working capital to business accounts since 2013.
- This movement was preceded by applications from Brazilian fintech leader Nubank and cryptocurrency giant Coinbase, both of which submitted requests for US banking charters in 2025.
The Impact of Trump-Era Deregulation
The surge in applications is directly linked to sweeping changes made to the Dodd-Frank Act of 2010 and the Consumer Protection Act of the same year. These landmark post-financial crisis laws were originally designed to bolster financial stability and increase institutional accountability.
The reformed regulations significantly increased the primary asset threshold for stricter prudential standards from $50 billion to $250 billion, effectively reducing the number of financial institutions subject to the most stringent oversight requirements. Furthermore, the revisions eased the so-called 'Volcker Rules' for lenders holding assets under $10 billion, granting smaller banks greater freedom to engage in certain types of speculative investments that were previously restricted.
This deregulatory agenda, championed by the Trump administration, has created a more accessible pathway for innovative fintech firms like Revolut to enter the traditional banking sector, fueling a competitive race to establish a dominant position in the world's largest financial market.
