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Revolut Shifts to De Novo U.S. Bank Charter After Dropping Acquisition Plan

The fintech argues a de novo OCC charter better aligns with its branchless model, offering a cleaner route into the U.S.. Revolut

Revolut drops u.s. bank merger plan to seek standalone license: ft

Overview

  • Revolut is preparing an application for a national banking charter with the Office of the Comptroller of the Currency, replacing its earlier plan to buy a U.S. bank.
  • Executives determined an acquisition would be slower, more complex, and tied to physical branch obligations that conflict with the company’s digital-only design.
  • The firm says the United States remains central to its growth strategy, though it has not provided a timeline for filing or approval.
  • Revolut believes a revamped OCC under the current administration could move applications faster, as recent charters for firms like Circle and Ripple suggest a more open regulatory climate.
  • While refining its U.S. approach, Revolut is expanding crypto services in Europe through a Trust Wallet partnership and a MiCA license in Cyprus, and it is pursuing growth in Latin America with a banking license application in Peru and exploring an acquisition in Turkey.