On March 5, 2026, UK-based financial technology company Revolut filed an application with the US Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish a US national bank called Revolut Bank US, N.A., indicating a significant step in its North American expansion.

In conjunction with this application, Revolut has appointed Cetin Duransoy as the US CEO. He succeeds Sid Jajodia, who will continue to serve as the Global Chief Banking Officer.

Rationale for obtaining a US national bank charter

A US national bank charter would grant Revolut direct access to federal payment systems like Fedwire and ACH, enable it to offer FDIC-insured deposits, and allow it to provide personal loans and credit cards directly to American customers. Importantly, this charter would permit the company to operate across all 50 states under a unified regulatory framework, thus avoiding state-by-state licensing requirements.

Nik Storonsky, Co-founder and CEO of Revolut, highlighted that the US is a crucial part of the company’s global growth strategy. He believes that having this national bank charter will enable Revolut to innovate more swiftly and serve more Americans, contributing towards its goal of reaching 100 million customers.

Background on global expansion

As of March 2026, Revolut operates in 40 markets and has over 70 million customers worldwide. Recent achievements include launching full banking operations in Mexico, obtaining a payments license in India, securing an in-principle payment license in the UAE, and opening a new global headquarters in London.

Revolut aims to expand into 30 additional markets by 2030 and reach 100 million customers by mid-2027. In November 2025, it completed a secondary share offering that raised its valuation to USD 75 billion, positioning the company among the most valuable private technology firms globally. The US bank charter application is subject to regulatory approval.