Overview
- Revolut submitted a formal application to the OCC and FDIC for a U.S. federal banking charter on March 5.
- Approval would allow operations in all 50 states with FDIC‑insured deposits, personal loans, credit cards, and direct access to Fedwire and ACH.
- Cetin Duransoy, formerly leading Raisin’s U.S. business with prior roles at Capital One and Visa, takes over as U.S. chief.
- Sid Jajodia transitions from running U.S. operations to Global Chief Banking Officer as the company reorganizes for expansion.
- The filing confirms a pivot away from buying a U.S. bank, aligning with goals of 100 million users by mid‑2027 and expansion to 30 new markets by 2030, with plans to invest about $500 million in the U.S. over five years.