Revolut has filed a new application for a US national bank charter, marking the London-based fintech’s second attempt to establish a licensed banking presence in the United States after a previous bid collapsed two years ago.
The company submitted applications to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish an entity to be called “Revolut Bank US, N.A.” Alongside the filing, Revolut named fintech veteran Cetin Duransoy as its new US chief executive officer.
A New Leadership Bet on the US Market
Duransoy brings more than two decades of experience across banking, payments, and technology. He previously served as US CEO of fintech marketplace Raisin. He replaces Sid Jajodia, who moves into the role of global chief banking officer and will remain with the company.
Revolut founder and CEO Nik Storonsky framed the filing as a strategic priority. “The United States is a key pillar of our global growth strategy,” he said, adding that securing a national bank charter represents “a major milestone toward our vision of building the world’s first truly global banking platform.”
What the Charter Would Actually Enable
Approval would let Revolut operate under a single federal regulatory framework across all 50 states, replacing the patchwork of state-level licenses the company currently relies on. It would also grant direct access to the Fedwire and ACH payment systems, permit FDIC-insured deposits, and open the door to products like personal loans and credit cards.
Those capabilities matter for competing with established US retail banks, and they explain why a federal charter is worth pursuing even after a difficult first attempt.
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The 2021 Failure and What Changed
Revolut’s first effort to obtain a US banking license began in 2021 through California regulators. That application stalled amid regulatory hurdles and internal control concerns, and the company formally withdrew it in 2023. The new application goes directly through the OCC, a federal route that bypasses state-level licensing complexities.
The company has also shelved earlier plans to acquire an existing American bank as a faster path to market entry, choosing instead to pursue the charter organically.
A Broader Industry Trend
Revolut’s filing arrives during a period of notable activity at the OCC. Nubank received conditional approval from the regulator in January to form a national bank, and Crypto.com secured similar approval in February. In December 2025, the OCC conditionally approved charter applications from five additional firms: Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos.
Revolut currently serves over 70 million customers across 40 markets. In November 2025, a secondary share sale placed the company’s valuation at $75 billion. Whether US regulators approve this second attempt will depend significantly on how the company has addressed the internal control issues that derailed the first.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
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