Revolut applies for US bank charter, names new CEO
British fintech company Revolut has applied for a U.S. bank charter and appointed former Visa executive Cetin Duransoy as its new chief executive for the United States, the company announced on Thursday.
The move signals Revolut’s ambition to expand into the lucrative U.S. banking market. If regulators approve its applications with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), the company plans to broaden its services in the United States, News.Az reports, citing Reuters.
These services would include accepting deposits, issuing credit cards, making loans, and facilitating payments.
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Revolut founder and CEO Nik Storonsky said the United States is a key part of the company’s global growth strategy as it aims to reach 100 million customers worldwide.
The fintech, which currently serves about 70 million clients across 40 markets, expects to invest around $500 million in the United States over the next three to five years, according to outgoing U.S. chief executive Sid Jajodia, who will become the company’s global chief banking officer.
Revolut also plans to increase its brand presence in the U.S. through sponsorships and partnerships, similar to its collaborations with Formula 1 teams, football clubs, and music festivals.
The company was valued at $75 billion following a secondary share sale in November, underscoring its rapid growth as digital banks compete for customers globally.
By Aysel Mammadzada
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