Revolut applies for federal banking charter as crypto-friendly fintech seeks U.S. expansion

Revolut, a $75 billion London-based fintech company, filed for a federal banking charter with the U.S. Office of the Comptroller of the Currency today, marking its second attempt to establish independent U.S. banking operations.

The de novo charter application would grant direct access to Fedwire and ACH payment infrastructure, eliminating reliance on its current partner bank arrangement.

Revolut Banking License Could Unlock Direct Payment Network Access

If regulators approve the Revolut Banking License, the fintech company would gain direct access to U.S. payment networks without relying on partner banks. Currently, Revolut provides banking services to American users through its partnership with Lead Bank, a Kansas City-based institution.

Under that arrangement, Lead Bank holds the charter while Revolut delivers the user-facing financial services.

A successful Revolut Banking License approval would fundamentally change that structure.

With its own charter, Revolut could process transactions directly through systems like Fedwire and ACH, potentially improving payment speeds and reducing operational costs.

Industry experts say such access would significantly strengthen Revolut’s ability to compete with traditional financial institutions.

“The U.S. banking charter remains one of the most powerful regulatory tools for fintech companies seeking long-term stability,” analysts at consulting firm Deloitte noted in a recent fintech outlook report.

Revolut Banking License May Open the Door to Lending Products

Another major advantage of securing the Revolut Banking License is the ability to expand its product lineup.

Currently known for digital banking, foreign exchange services, and crypto trading, Revolut could introduce new lending products if regulators approve its charter.

These products could include:

• Personal loans

• Credit cards

• Expanded savings accounts

Such offerings would help Revolut compete directly with established U.S. banks while broadening revenue streams.

The fintech giant has steadily expanded its services globally since launching in 2015 under the leadership of co-founder and CEO Nikolay Storonsky.

Storonsky has repeatedly emphasized the importance of the American market in Revolut’s long-term strategy.

“The U.S. represents one of the most important growth opportunities for global fintech,” Storonsky said in a previous company statement about expansion plans.

Shift Toward De Novo Charter Strategy

Interestingly, the Revolut Banking License application comes after the company abandoned a previous strategy.

Earlier this year, Revolut scrapped plans to acquire an existing U.S. bank. Instead, the company opted to pursue a de novo banking charter, which allows a financial institution to start operations from scratch under regulatory supervision.

This approach can be slower but provides greater long-term operational independence.

Regulatory approval for a Revolut Banking License would therefore give the fintech full control over its U.S. banking operations rather than relying on partnerships or acquisitions.

The Revolut Banking License filing also comes during a notable moment for crypto-related financial institutions in the United States.

Just one day before Revolut’s announcement, the crypto exchange Kraken secured a Federal Reserve master account for its banking division.

A master account grants direct access to the Federal Reserve’s core payment infrastructure — a significant achievement for the digital asset industry.

These developments suggest that regulatory pathways for crypto-friendly financial companies in the U.S. may be gradually opening.

Global Digital Bank Ambitions

Valued at approximately $75 billion, Revolut has positioned itself as one of the most valuable fintech companies globally.

However, despite holding licenses in several regions — including a restricted U.K. banking license obtained in 2024 — the company does not yet operate as a fully licensed bank in every market where it offers services.

Securing the Revolut Banking License in the United States would mark one of its biggest regulatory wins outside Europe.

It would also strengthen the firm’s vision of becoming a truly global digital bank capable of offering everything from crypto trading to full banking services under one roof.

If approved, the Revolut Banking License could reshape the fintech landscape in America.

Direct access to payment rails, the ability to launch lending products, and full regulatory legitimacy would place Revolut in direct competition with traditional banks and major digital finance platforms.

For the broader fintech industry, the outcome of the Revolut Banking License application may serve as a key signal about how U.S. regulators plan to treat next-generation financial institutions.

The decision could define the next phase of fintech growth in the United States.