Revolut is shifting its U.S. playbook again. The U.K.-headquartered FinTech has dropped plans to buy an American bank and is now preparing to pursue a standalone U.S. banking license, a move that would give it a clearer path to scale lending and other core bank services in the world’s largest retail finance market.
According to the Financial Times, Revolut has been in discussions with U.S. officials about applying for a national charter through the Office of the Comptroller of the Currency (OCC). The FT reported that Revolut is betting the process could move faster amid what sources described as a more permissive posture under the Trump administration. The approach is a reversal from last summer, when Revolut was exploring the purchase of a nationally chartered U.S. bank as a shortcut to operating across all 50 states.
The FT said Revolut cooled on that route after concluding a takeover could be complicated. One issue: buying a community bank could bring expectations to keep physical branches open. Another: a change of control would still require U.S. regulatory approval.
Revolut, for its part, framed the U.S. as central to its long-term growth. The company told the FT: “The U.S. market is critical for Revolut’s global growth strategy, and our long-term plan is to establish a bank in the US. That said, we continue to actively explore all options including a de novo bank license application.” The FT also said the timing is notable. Revolut still does not have a full banking license in its home market; the Bank of England has approved its license with restrictions that cap deposits in its banking unit.
The FT placed Revolut’s debate in a broader trend: U.K. FinTechs facing slower growth at home are looking to the U.S., even as the American system remains fragmented across state and federal rules. The paper cited recent signs of a more welcoming OCC stance toward FinTech and crypto-linked applicants, including a rise in de novo charter filings and recent approvals for firms tied to Circle and Ripple.
PYMNTS has tracked Revolut’s U.S. and global expansion from several angles, including its move to make Revolut Pay compatible with Google’s Agent Payments Protocol (AP2) in support of agent-led checkout flows. PYMNTS also recently covered Revolut’s push to deepen its footprint in Latin America via a banking license effort in Peru. Earlier reporting followed Revolut’s U.S. product buildout, including high-yield savings accounts aimed at accelerating growth stateside. PYMNTS has also reported on partnership talks that could broaden Revolut’s investing offerings, including discussions involving Blackstone.