Crypto-oriented financial technology firm Revolut is pursuing a banking license in the United States, as reported by the Financial Times, abandoning its earlier intentions to acquire a local bank. This strategic shift is aimed at boosting its global market presence.
The UK-based company has been in talks with U.S. authorities regarding its application to the Office for the Comptroller of the Currency (OCC) for a banking license.
This potential move marks a significant pivot for Revolut, which previously indicated plans in September 2025 to buy a U.S. bank to expedite its global growth.
Founded in the UK, Revolut revealed its worldwide strategy in 2025, committing $13 billion over the next five years to bolster international operations.
Following a share sale last November, Revolut achieved a valuation of $75 billion, ranking it among the top global fintech firms.
Revolut Anticipates Swift U.S. Approval Amid Regulatory Changes
Sid Jajodia, the U.S. CEO of Revolut, expressed last year, “It is our ambition to be a bank in the U.S.,” highlighting the urgency of obtaining a banking license to enhance their market scaling efforts. He mentioned that they were still assessing their strategic options back in September 2025 and noted that simplifying the approval process would be beneficial.
With the report indicating Revolut’s choice to pursue a banking license instead of acquiring a community bank, the firm hopes that the approval process could be expedited under the pro-crypto policies of the current administration.
This shift may also prevent the necessity for Revolut to establish physical branches, which would have been a requirement with a bank acquisition.
“We continue to actively explore all options, including a de novo bank license application,” a spokesperson for Revolut conveyed to Cointelegraph.
Revolut’s Progress as a Bank in the UK
The company has emphasized that its primary goal is to fully establish itself as a bank in the UK, yet it has not launched all services available to UK customers as a bank. Revolut received a restricted banking license from the UK’s Prudential Regulation Authority in 2024.
In pursuit of its global expansion, Revolut has also obtained regulatory approvals in various markets. Recently, it confirmed receiving banking licenses in Colombia and Mexico, and in October, it achieved a Markets in Crypto-Assets Regulation license from the Cyprus Securities and Exchange Commission.
