Revolut has filed for a US banking licence and appointed Cetin Duransoy as its American CEO, marking a major step in the fintech's global expansion. The UK-based digital bank submitted applications to the US Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation for a national bank charter.

Duransoy, a former executive at Capital One and Visa, will lead Revolut's US operations as the company seeks to offer FDIC-insured deposits directly to American customers. Currently valued at $75bn with over 70 million customers across 40 countries, Revolut aims to reach 100 million customers worldwide.

The banking licence would eliminate Revolut's need for partner banks in the US market, allowing it to innovate faster and deliver its full suite of services including international money transfers, crypto trading, and stock trading directly to American consumers.