FinTech Revolut has applied to the US Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation for a US national bank charter.
The entity, to be called Revolut Bank US, N.A., would give Revolut nationwide reach – across all 50 states – under one regulatory framework.
It would also give it direct access to payment rails like Fedwire and ACH, and allow it to directly offer personal loans and credit cards, as well as insured deposits, to customers in the US.
Meanwhile Revolut has also announced that Cetin Duransoy has been appointed as its US CEO.
Duransoy most recently served as the US CEO of Raisin, a FinTech marketplace. In this role he scaled Raisin’s platform to 90+ bank and credit union partners. Prior to his CEO role at Raisin, Duransoy held senior leadership banking and payments roles at Capital One and VISA.
Duransoy succeeds Sid Jajodia, who remains at the company as global chief banking officer.
Revolut now serves more than 70 million customers worldwide and operates in 40 markets globally.
“The United States is a key pillar of our global growth strategy,” said co-founder and CEO Nik Storonsky.
“Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform.
“This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100m customers.”