revolut applies for bank charter in the us
Revolut Pursues U.S. Bank Charter
Revolut, a fintech company headquartered in London, has revealed its intention to secure a bank charter within the United States. A preliminary application has been filed with both the FDIC and the California Department of Financial Protection and Innovation.
Expanding Operations with a Charter
Successful acquisition of a California charter would enable Revolut to function as a fully independent bank across the entire U.S. market. Negotiations with regulatory bodies are currently in progress, suggesting the approval process may be lengthy.
Gaining a U.S. banking charter will allow Revolut to broaden its range of financial services. Specifically, it will unlock greater potential in the areas of lending and savings products.
Current U.S. Partnerships
Currently, Revolut collaborates with Metropolitan Commercial Bank within the U.S. This partnership facilitates deposit handling and FDIC insurance for customers. Metropolitan Commercial Bank also manages the issuance of Revolut cards.
Launch of Revolut Business
Revolut is also introducing Revolut Business to the U.S. market. These accounts are designed to streamline international payment processes for businesses.
Companies utilizing Revolut Business can benefit from both virtual and physical debit cards for payments. The service is now accessible in all 50 states, building upon a European user base of 500,000 businesses.
Global Customer Base and Licensing
Revolut’s financial super app currently serves 15 million customers, primarily located in the U.K. and the European Union. The company has also recently applied for a banking license in the U.K., its home and largest market.
Within Europe, Revolut operates under a specialized license granted by the Bank of Lithuania. A segment of its customer base is already transitioning their accounts to Revolut Bank.
Competition for Charters
Revolut is not alone in its pursuit of a U.S. bank charter. Brex announced its application for a charter in Utah last month. Varo Bank successfully obtained its own charter in the previous year.
The Benefits of Independence
Utilizing the charter of an existing bank can be advantageous for initial growth. However, securing an independent charter becomes crucial for launching innovative products and increasing revenue streams.
Ultimately, obtaining its own charter will allow Revolut to fully capitalize on market opportunities and expand its financial offerings.
Romain Dillet
Romain Dillet: A Profile of a Leading Tech Journalist
Romain Dillet served as a Senior Reporter for TechCrunch until April 2025. Throughout his tenure, he became a recognized authority within the technology sector.
Extensive Experience and Expertise
Having authored more than 3,500 articles, Dillet has cultivated a strong reputation as a key voice concerning European technology. His areas of expertise are broad, encompassing startups, AI, fintech, privacy, security, blockchain, mobile technology, social media, and related fields.
Dillet’s thirteen years with TechCrunch have made him a well-known figure in tech journalism. He began his career at the publication at the age of 21, consistently providing coverage of Silicon Valley and the wider tech landscape.
Early Identification of Key Startups
Based in Paris, Romain Dillet is widely regarded by many within the tech community as the most informed tech journalist in the city. He possesses a talent for identifying promising startups at an early stage.
Notably, he was the first journalist to report on Revolut, Alan, and N26. Furthermore, he has broken stories regarding significant acquisitions made by major companies like Apple, Microsoft, and Snap.
Technical Depth and Historical Perspective
Beyond his journalistic skills, Dillet is also a proficient developer. This technical understanding allows him to analyze the underlying mechanisms of new technologies effectively.
He also maintains a comprehensive understanding of the computer industry’s evolution over the last 50 years. This historical context enables him to discern connections between innovations and their societal impact.
Educational Background and Community Involvement
Romain Dillet is a graduate of Emlyon Business School, a prominent French institution specializing in entrepreneurship.
He actively supports various non-profit organizations. These include StartHer, which focuses on advancing education and empowerment for women in technology, and Techfugees, an organization dedicated to assisting displaced individuals through technology.
His contributions extend beyond reporting, demonstrating a commitment to fostering a more inclusive and innovative tech ecosystem.