Revolut moves closer to securing a U.S. banking license

Revolut is taking a major step toward deepening its presence in the United States by pursuing a full banking license. The London-based fintech, already one of the most valuable private financial technology companies in the world, is reportedly in talks to acquire a small U.S. bank. Such a move could give the company the regulatory foothold it needs to offer a broader range of financial services to American customers.

Revolut has been operating in the U.S. since 2020 but currently works through partnerships with licensed banks to provide checking accounts, debit cards, and payment services. While this approach has allowed the company to build a user base, it limits the scope of what it can offer. A banking charter would open the door to launching credit products, offering insured deposits directly, and managing customer funds without intermediaries.

Acquiring a bank with an existing charter is often a faster path than applying for a new license, which can take years. However, the strategy still comes with hurdles. U.S. regulators will closely review any such deal, examining Revolut’s compliance record, risk controls, and financial stability. The company has faced scrutiny in other jurisdictions over its rapid growth and anti-money laundering procedures, so satisfying American oversight bodies will be critical.

Industry analysts say that if Revolut secures a license, it could quickly scale its U.S. operations. The firm already has a large technology infrastructure and a global product suite that includes international transfers, savings accounts, crypto trading, and business banking. The challenge will be adapting these offerings to fit U.S. regulations and consumer expectations. American banking customers often have different priorities than those in Europe, including stronger credit histories, higher reliance on credit cards, and different patterns of digital banking adoption.

Revolut’s expansion plans come at a time when competition in U.S. digital banking is heating up. Challenger banks like Chime and Varo have already established significant market share, and big tech firms are making moves in financial services. Traditional banks, meanwhile, are investing heavily in their own digital platforms to keep customers engaged. Revolut’s advantage lies in its global reach and ability to integrate multiple services into a single app.

The company has not disclosed a timeline for completing the acquisition or securing full regulatory approval. If successful, the move could mark one of the most significant entries into the U.S. market by a foreign fintech in recent years. It would also signal that Revolut is ready to compete head-to-head with established American players while continuing to grow its worldwide footprint.