London fintech firm Revolut has submitted a new application to the Federal Reserve Board for a national bank charter in the US, indicating a second attempt to obtain a US banking license by the company. This decision of a $75 billion valued company is still expanding its presence worldwide.
A New Face at Head Office
In line with its refreshed major entry into North America, Revolut has named Cetin Duransoy its new US CEO. Duransoy, who has got great knowledge in the banking, payments and technology sectors, has more than 20 years of experience in these areas.
He was most recently the US CEO of the fintech marketplace Raisin. He succeeds Sid Jajodia, who will continue to work with the company as global chief banking officer.
Also Read: Revolut Moves to Secure Own National Banking License in US
Unlocking Nationwide Operations
Getting a US bank charter would be great for Revolut as it would enable the company to do business across all 50 states by operating under one federal regulatory framework only.
Another perk would be the companys continuous connection to the payment systems like Fedwire and ACH, offering insured deposits through the FDIC, and product expansion such as personal loans and credit cards.
Also Read: Revolut Targets Latin America Growth with Peru Banking License for Remittances
A Growing Trend Among Fintechs
More and more fintech and crypto companies are turning to the US office of the Comptroller of the Currency (OCC) to get a banking license. Thus, Revolut isnt the only one in this game. Nubank, Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos have all been given conditional approvals in recent months.
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