Revolut Renews US Banking Push with Charter Application and New US CEO

Fintech company Revolut filed a new application for a US national bank charter as it renews its push into the North American market, marking the company’s second attempt to secure a US banking license.

The London-based company said Thursday that it submitted an application to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to establish “Revolut Bank US, N.A.”

The company also appointed fintech veteran Cetin Duransoy as the company’s new US CEO. Duransoy brings more than two decades of experience in banking, payments and technology. He previously served as US CEO of fintech marketplace Raisin. Duransoy replaces Sid Jajodia, who will remain with the company as global chief banking officer.

“The United States is a key pillar of our global growth strategy,” Revolut founder and CEO Nik Storonsky said. “Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform,” he added.

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US bank charter would unlock nationwide operations

If approved, the license would allow Revolut to operate under a single federal regulatory framework across all 50 US states. The charter would also give the company direct access to payment systems Fedwire and ACH, enable it to offer insured deposits through the FDIC and expand into products including personal loans and credit cards.

Revolut attempted to secure a US banking license in 2021 through California regulators. That effort stalled and was withdrawn in 2023 after encountering regulatory hurdles and internal control concerns.