Revolut, Instead of Buying a Bank, Will Request a Standalone Banking License in the US

In a significant strategic shift, the popular fintech Revolut has scrapped plans to acquire an existing bank in the United States. Instead, the company will file for a new charter license from the Office of the Comptroller of the Currency (OCC), as reported recently by the Financial Times. This decision reflects Revolut’s belief that an independent banking approach will be faster and more practical than a traditional acquisition.

Strategic Shift: De Novo License vs. Bank Acquisition

Revolut, valued at $75 billion following its recent secondary share sale, conducted thorough research before making this decision. The company initially viewed acquisition as the more direct route to operating within the entire American banking system, allowing it to serve all 50 states.

However, the London-based fintech realized that the acquisition route involves complex conditions. Buying an existing institution would require maintaining physical branches and operational infrastructure—a requirement directly opposed to Revolut’s digital-only model. Instead, by obtaining a de novo banking license (a charter for a new bank), it can operate without such constraints.

Why the De Novo Route Is Faster Under the Trump Administration

Company insiders speculate that the OCC’s reorientation under the Trump administration will be more receptive to processing new banking applications. Approvals for crypto-friendly charters granted to companies like Circle Internet (a stablecoin issuer) and Ripple (an international payments network) under the previous administration demonstrate a changing regulatory landscape.

The de novo licensing process, although traditionally slow, could be expedited favorably for fintech in the current political environment. It is more practical than attempting to overhaul existing banking infrastructure and maintain mandatory physical locations.

Growing Crypto Ambitions Reflecting US Banking Goals

Revolut continues to expand into the cryptocurrency sector, showcasing the company’s long-term vision. Recently, it partnered with Trust Wallet to enable instant cryptocurrency purchases in the European Union, with zero-fee options in some cases. This partnership illustrates how the company leverages strategic alliances to strengthen its crypto offerings.

Additionally, Revolut received the MiCA (Markets in Crypto-Assets Regulation) license in Cyprus, allowing it to offer regulated crypto services across the European Economic Area. This success within the European regulatory landscape is part of a broader strategy to become a global fintech powerhouse.

Next Steps and Global Ambitions

As Revolut prepares for an aggressive push into the US banking sector, the company remains focused on various entry routes and continuous innovation. No final decision has been made, but the de novo approach appears to be the more strategically sound option for a company with a digital-first mentality.

The United States remains critical to Revolut’s global ambitions, and the combined strategy—banking expansion coupled with deepening crypto services—reflects the company’s bet that the future of finance is hybrid: traditional banking with digital-native efficiency and cryptocurrency integration.