Revolut, the British fintech valued at $75 billion, has announced a fresh attempt to secure a US banking license. The company has filed the application with the US Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, calling it a "major milestone" for its growth.

Expansion in the USA

This step marks a further push by Revolut in the US market, where it already has over one million customers. Obtaining the license would allow Revolut to operate directly in all 50 states, offering services such as personal loans and credit cards, currently provided in partnership with Lead Bank.

Challenges in the US market

The US banking market has proven difficult for several European challenger banks. In the past, N26 abandoned the US market, while Monzo withdrew its license application. Revolut had already submitted a draft application in 2021, but did not finalize the request.

New leadership

In parallel with the license application, Revolut has appointed Cetin Duransoy, former executive at Visa, Capital and Raisin, as its new US CEO, replacing Sid Jajodia, who takes on the role of global chief banking officer.