Revolut Seeks U.S. Banking License Amid Global Expansion Efforts

Revolut, a fintech unicorn known for its crypto-friendly approach, is planning to apply for a banking license in the United States, shifting away from its previous strategy of acquiring a local lender. According to Cointelegraph, this move is part of Revolut's broader ambition to expand its global footprint. The United Kingdom-based company has been in talks with U.S. officials about obtaining a bank license through the Office for the Comptroller of the Currency (OCC), as reported by the Financial Times. If successful, this would mark a significant strategic milestone for Revolut, which had initially considered purchasing a U.S. bank to expedite its international growth. Founded in the UK, Revolut announced its global strategy in 2025, committing $13 billion over five years to support its expansion. Following a share sale in November, the company was valued at $75 billion, making it one of the world's most valuable fintech firms. Revolut's U.S. CEO, Sid Jajodia, expressed the company's ambition to establish itself as a bank in the U.S., emphasizing the importance of obtaining a banking license to scale in the market. He noted that the company was still exploring various pathways as of September 2025 and highlighted the need for a streamlined regulatory process. Revolut's decision to pursue a U.S. banking license rather than acquiring a local lender is influenced by the expectation of a faster approval process under the Trump administration's crypto-friendly regulatory stance. Additionally, acquiring a community bank could have required Revolut to maintain physical branch networks, which the company aims to avoid. Cointelegraph reached out to Revolut for confirmation of these plans but had not received a response by the time of publication. In the UK, Revolut has prioritized becoming a fully-fledged lender, although it has yet to roll out all banking services to its customers. The company received a restricted banking license from the UK's Prudential Regulation Authority in 2024. As part of its global expansion, Revolut has been securing regulatory approvals in various markets. In late 2025, it obtained banking licenses in Colombia and Mexico and, in October, acquired a Markets in Crypto-Assets Regulation license from the Cyprus Securities and Exchange Commission.