Revolut has applied for a U.S. national bank charter as part of its global expansion strategy, aiming to offer American customers credit cards and other lending products directly. The British fintech, valued at $75 billion, currently partners with existing lenders like Lead Bank to provide services in the United States.

Obtaining a U.S. banking license would allow Revolut to take insured customer deposits and bypass capital markets for lending. The company has already set aside $500 million to expand in the U.S. and plans to enter more than 30 new markets by decade's end. CEO Sid Jajodia emphasized that direct regulation is crucial for Revolut's long-term ambitions.

The approval process involves major U.S. banking regulators including the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation. Revolut has hired Cetin Duransoy as U.S. CEO and aims to reach 100 million customers globally by mid-2027, up from 70 million today. The company recently secured a full banking license in Mexico but still awaits full approval in its home market of Britain.