Revolut Files for US National Bank Charter in Major Expansion Move

Fintech firm Revolut has taken a significant step toward expanding its footprint in North America by filing an application for a US national bank charter, marking the company’s second attempt at obtaining a banking license in the country.

The London-based company submitted its application to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish Revolut Bank US, N.A.

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Leadership Shake-Up in the United States

Alongside the filing, Revolut announced Cetin Duransoy as its new US CEO. Duransoy, a fintech veteran with more than 20 years of experience across banking, payments, and technology, previously served as US CEO for fintech marketplace Raisin.

He replaces Sid Jajodia, who remains with Revolut as global chief banking officer, signaling a refreshed leadership team for the company’s North American push.

Revolut founder and CEO Nik Storonsky described the charter filing as a “major milestone” toward building a global banking platform and reiterated that the United States is a key pillar of the company’s growth strategy.

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What a US Bank Charter Would Enable

If approved, the charter would allow Revolut to operate under a single federal regulatory framework across all 50 states, providing nationwide reach.

Benefits of a national charter include:

• Direct access to US payment systems such as Fedwire and ACH.
• Ability to offer FDIC-insured deposits.
• Expansion into new products, including personal loans and credit cards.

Revolut had previously pursued a US banking license in 2021 through California regulators, but that effort stalled and was withdrawn in 2023 due to regulatory challenges and internal control issues.

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Global Growth and Market Position

Revolut currently serves over 70 million customers in 40 markets and recently completed a secondary share sale in November 2025 that valued the company at $75 billion.

The company is pivoting from earlier plans to acquire an American bank, focusing instead on securing its own banking license as part of its international expansion strategy.

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More Fintechs Eye US Bank Charters

Revolut’s filing reflects a broader trend among fintech and crypto companies seeking OCC national bank charters. Recent approvals include:

• Nubank, conditional approval in January 2026.
• Crypto.com, conditional approval in February 2026.
• Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, conditional approvals in December 2025.

These moves underscore growing competition and regulatory interest in bringing fintech and crypto players under a federal banking framework.

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Impact and Consequences

The approval of a national bank charter for Revolut could:

• Allow seamless nationwide operations across the US.
• Expand the range of financial products for US customers, including loans, credit cards, and insured deposits.
• Strengthen Revolut’s position in the North American fintech market.
• Increase pressure on competitors to seek similar federal charters.
• Enhance regulatory oversight and operational standards in a high-growth segment of finance.

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What’s Next?

• Revolut’s application will undergo review by the OCC and FDIC, including assessments of governance, risk management, and internal controls.
• Duransoy will lead the US operations through regulatory approval and eventual launch.
• Pending approval, Revolut plans to roll out banking services nationwide under the new charter.
• Observers expect continued scrutiny from regulators and competition from other fintechs entering the US market.

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Summary

Revolut has renewed its push into the US by filing for a national bank charter, aiming to offer federal-regulated banking services across all 50 states.

With new leadership under Cetin Duransoy and a track record of serving 70 million customers globally, the fintech is positioning itself to expand its offerings while joining a growing cohort of digital-first financial companies seeking federal approval.

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Bulleted Takeaways

• Revolut applies for US national bank charter as part of North American expansion.
• New US CEO Cetin Duransoy appointed, replacing Sid Jajodia in day-to-day US operations.
• Charter would allow nationwide operations, FDIC-insured deposits, and access to US payment systems.
• Revolut previously attempted a US banking license in 2021; withdrawn in 2023.
• Company serves 70 million customers across 40 markets and valued at $75 billion.
• Trend mirrors other fintechs seeking OCC approval, including Nubank and Crypto.com.
• Approval could accelerate Revolut’s product expansion and strengthen its US market presence.