Revolut CEO Nik Storonsky announced plans to compete directly with JPMorgan Chase and American Express in the US, aiming to dominate the market with credit cards, loans, and a full banking charter. The company, which has over 80 million global customers, received conditional approval to operate as a national bank in the US, enabling access to Federal Reserve systems and federally insured deposits up to $250,000. Storonsky stated Revolut’s offerings will match or exceed those of Amex and JPMorgan, while also introducing unique products.
The fintech is preparing for a potential dual listing in the UK and US by 2028 and is developing AI-powered shopping assistant AIR, set for testing in December. Revolut, valued at $115 billion, is expanding its services to include agentic commerce and aims for 100 million customers and $100 billion in revenue. JPMorgan CEO Jamie Dimon expressed admiration for Revolut’s growth, calling it a major rival in Europe.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing