Revolut requests a banking license in the US amid expansion plans

Revolut, the British neobank, has applied for a national banking license in the United States and has appointed a new CEO to lead its operations in the country. If this application is approved, the company will be able to directly access the central payment infrastructure of the U.S., allowing it to offer deposit accounts, issue cards, and originate loans. This move is part of its ambitious global expansion plan, which includes an investment of $500 million in the U.S. market within a total portfolio of $13 billion.

New Director in Charge

The latest valuation of Revolut reached 75 billion. However, its path to the North American market has not been easy. The company attempted to enter the country in 2021 unsuccessfully and, in 2025, considered securing a license by acquiring a U.S. bank. Nevertheless, this effort is part of a context in which other foreign neobanks have also faced regulatory challenges.

For example, the Dutch neobank Bunq exited the U.S. market in 2024 after being tied up in regulatory reviews, although it later managed to obtain a broker-dealer license. Similarly, Monzo has expressed its intention to reapply for a license after facing blockages in 2021. Not all news is bad; Nubank, the Brazilian neobank giant, recently received conditional approval for its banking charter in the U.S.

The trend in license applications indicates that neobanks are looking to compete directly with traditional banking, focusing especially on consumers and small businesses with a full range of products. Given that the U.S. market hosts both established fintechs and large banks, the approval of these licenses could further intensify competition in the banking sector.