Revolut Makes Its Move for a US Banking License
Hey Digital Banking Fanatic!
Revolut has applied for a US national bank charter.
The $75 billion FinTech filed with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
Sid Jajodia, Revolut’s US chief executive, told the Financial Times that the timing of the company’s application was supported by the current administration’s openness to new entrants in the regulated banking system.
If approved, the license would allow Revolut to offer insured deposits directly in the US. No more reliance on partner banks to provide core banking services.
Revolut also announced a leadership change on Thursday. Jajodia will step into the role of global chief banking officer, while Cetin Duransoy will assume the position of US chief executive. Duransoy led Raisin, a platform known for offering high-yield savings accounts through partnerships with banks and credit unions.
I’ve been watching this US push for a while. Earlier, Revolut was exploring a possible acquisition to accelerate its American expansion, which I covered here 👉 Revolut in Talks With Investment Bankers on Possible U.S. Acquisition.
The scale is already there. Revolut now serves more than 70 million customers across over 40 markets since launching in 2015.
More signals are emerging across digital banking. Scroll down 👇 I’ll connect a few more dots on Monday.
Cheers,
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