US EditionPublished • loading... • Updated
Revolut files for US bank charter, names Duransoy as US CEO
- Recently, Revolut filed for a U.S. national bank charter with the OCC, which would enable operations across all 50 states and direct access to Fedwire and ACH, while it currently partners with Lead Bank in Kansas City.
- Seeking a U.S. charter follows a strategic shift from acquisition to starting a bank from scratch, as Revolut, valued at about $75 billion, regards the U.S. market as central to building a global digital bank.
- Financial results show rapid growth, with $4bn revenue and $1.4b profit before tax in 2024, continuing through 2025 with $1bn annualised revenue as Revolut targets lending products like credit cards and personal loans.
- If approved, the charter would mark one of the company's biggest regulatory milestones outside Europe, following Kraken securing a Federal Reserve 'master account', the company said.
- Revolut has pushed into new markets, adding Mexico and India to its footprint, while naming Cetin Duransoy, former Raisin U.S. CEO with Capital One and VISA experience, to lead U.S. expansion.
Insights by Ground AI
41 Articles
41 Articles
For Nik Storonsky, co-founder and CEO of Revolut, the United States is a fundamental pillar of our global growth strategy.
·Italy
Read Full Article
Revolut’s push for US banking license signals fintechs are warming to regulation
Contempt for the banking system was hard-coded into the DNA of fintech firms. Now they all want to be one. On Thursday, payment company Revolut said it would apply for a US bank license, the latest outsider to join the regulated club. PayPal in December applied for a slimmed-down state banking license, and UK payments firm Wise has applied for a non-deposit-taking bank charter, a few years after SoFi and Lending Club turned themselves into fully…
·New York, United States
Read Full Article
The British company has just filed an application for a banking licence in the United States and has appointed a new CEO. ...
·Brussels, Belgium
Read Full Article
Coverage Details
Total News Sources41
Leaning Left3Leaning Right0Center8Last UpdatedBias Distribution73% Center
Bias Distribution
- 73% of the sources are Center
73% Center
L 27%
C 73%
Factuality
To view factuality data please Upgrade to Premium
