Revolut has confirmed plans to launch its US banking business in 2027, offering FDIC-insured deposits, loans, credit cards, and crypto access.
Revolut applied for a US banking licence in March 2026 as part of its strategy to expand in the US market. The company is still awaiting a decision from regulators but is understood to be confident of approval, according to sources close to the matter.
Two factors are cited in support of that confidence. First, Revolut is engaging directly with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) throughout the application process. Second, the current US regulatory climate is regarded as more receptive to new banking licence approvals than in previous years.
Product offer and market positioning
Revolut entered the US market in 2020 and currently provides pre-paid cards, multi-currency accounts, and international transfers and remittances through partner banks. A banking licence would allow the company, which serves over 75 million retail customers worldwide, to operate independently and pursue additional revenue streams.
Cetin Duransoy said Revolut is preparing to offer FDIC-insured deposits, loans, credit cards, and access to stablecoins and cryptocurrencies to its US customer base. Given that the US market is largely credit-driven, he noted that credit interchange fees could allow Revolut to offer customers travel and other benefits. A licence would also allow the company to bring products and technology to market more quickly, he added.
Revolut’s existing US customer base, comprising over one million retail customers and tens of thousands of business customers, has largely engaged with the company through its operations in Europe, Asia or South America. The company has allocated USD 500 million towards its US expansion, covering capital, personnel, and marketing.
According to the announcement, the initial focus will be on retail and business customers requiring multi-currency services, with Revolut offering more than 30 currencies. The company employs over 100 people in the US and maintains an office in New York, though it does not operate physical branches; customers will instead have access to ATM networks.
Competitive landscape
Revolut, which secured its UK banking licence earlier in 2026, enters a competitive US market. UK-based challenger Monzo withdrew from the US this year, following an earlier exit by Germany-based N26. Revolut also faces established banks, including JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup, alongside domestic challengers SoFi and Chime, and international entrants Wise, Nubank, and Bunq.
