Revolut has applied for a US bank charter and appointed former Visa executive Cetin Duransoy as its new CEO for the United States, the fintech company said today.
Revolut, which has about 70 million clients in 40 markets - including about 3 million in Ireland - is setting its sights on the lucrative US market.
If its applications are approved by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, Revolut plans to broaden its US business to gather deposits, make loans, issue credit cards and facilitate payments.
"The United States is a key pillar of our global growth strategy," Revolut Founder and CEO Nik Storonsky said in a statement. He said its presence in the US will be important for the fintech to reach a goal of 100 million customers globally.
Revolut is expected to invest $500m in the US over the next three to five years, including the capital for the new bank, marketing and hiring, Sid Jajodia, the company's outgoing US chief executive, said in an interview.
Jajodia will serve as the company's global chief banking officer as Duransoy takes the helm in the US.
The fintech, which sponsors the Audi Formula 1 team, soccer teams and music festivals, intends to look for similar opportunities in the US to promote its brand.
Its strategy in Europe and other markets has been to attract customers using it as a secondary bank account for services including payments and foreign exchange transactions, then woo them with perks like subscriptions, Jajodia said.
Another so-called neobank, Brazil's Nubank, is waiting for full approval for a US banking license. Spain's Santander opened a digital bank in the US in 2024 and announced the acquisition of regional bank Webster Financial last month.
Jajodia declined to comment on the timing of any initial public offering by Revolut, noting that there is capital available in private markets.
The company completed a secondary share sale valuing it at $75 billion in November.
Revolut's UK bank is operating under some restrictions in a mobilisation phase because of its size, Jajodia said.
Revolut has 12 million clients in the UK and its global operations are carefully monitored by regulators, he said. Other banks that went through a similar regulatory process were much smaller, he said.
