Revolut Seeks US Bank Charter, Appoints Duransoy as US CEO

• Revolut needs approval from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to gather deposits, make loans, and issue credit cards in the U.S.
• The company plans to invest $500 million in the U.S. over three to five years, covering bank capital, marketing, and hiring to help reach its global goal of 100 million customers
• Former U.S. CEO Sid Jajodia will transition to global chief banking officer while Duransoy takes over U.S. operations; the company completed a secondary share sale valuing it at $75 billion

Summary: Revolut Seeks US Bank Charter, Appoints New US CEO

Key Developments:

British fintech Revolut has applied for a U.S. bank charter and appointed former Visa executive Cetin Duransoy as CEO for its U.S. operations, announced March 5. The company currently serves 70 million clients across 40 markets globally.

Regulatory and Financial Details:

Revolut is seeking approval from the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC). The company plans to invest $500 million in the U.S. over the next three to five years, covering bank capital, marketing, and hiring costs. Revolut completed a secondary offering valuing the company at $75 billion.

Strategic Objectives:

If approved, Revolut will expand its U.S. offerings to include deposit-taking, lending, credit card issuance, and payment facilitation. The U.S. market is considered crucial for reaching the company's goal of 100 million customers globally. Founder and CEO Nik Storonsky emphasized that "the United States is a key pillar of our global growth strategy."

Leadership Changes:

Outgoing U.S. CEO Sid Jajodia will transition to global chief banking officer. The company plans to pursue U.S. sponsorship opportunities similar to its current partnerships with the Audi Formula 1 team, soccer clubs, and music festivals.

Market Context:

Revolut's move follows similar expansion efforts by other international digital banks. Brazil's Nubank is awaiting full U.S. banking approval, while Spain's Santander launched a digital bank in 2024 and acquired Webster Financial. Revolut's U.K. banking operations, with 12 million clients, remain in a mobilization phase under regulatory monitoring.