Digital banking giant Revolut is reportedly exploring the acquisition of a U.S. bank as it looks to accelerate its expansion into the American market. This move would allow the UK’s largest fintech to bypass the lengthy process of obtaining a banking charter from scratch.
According to a Tuesday report from the Financial Times, the company is considering purchasing a nationally chartered bank that already holds a license. Such an acquisition would enable Revolut to offer lending services in the U.S. far more quickly than applying for a banking charter on its own, a process that can take years. The report also notes that Revolut is still weighing the option of applying for its own license.
A spokesperson for Revolut did not respond to a request for comment.
With 60 million customers worldwide, Revolut has been actively searching for ways to deepen its presence in the U.S. Winning an American banking license would provide access to a vast customer base and new deposits at a time when growth for UK fintechs is slowing at home.
The company’s push into the U.S. comes amid a perception that the deregulatory agenda of President Donald Trump’s administration could potentially expedite the approval process for new bank charters, according to the FT.
Revolut’s global ambitions extend beyond the U.S. The company has considered similar strategies in the Middle East and recently completed the acquisition of Argentine bank Cetelem from BNP Paribas. These moves are part of a broader expansion effort, which may be funded in part by a potential $1 billion deal that could value the fintech at around $65 billion, as reported by the FT.
While Revolut holds banking licenses in Lithuania and Mexico, it has yet to secure a full license in the UK. The company also previously offered crypto trading in the UK and Europe but suspended its crypto services in the U.S. in October 2023 due to regulatory uncertainty.
Industry observers say that a U.S. banking license would be a significant milestone for Revolut, potentially paving the way for it to reintroduce digital asset services and compete more effectively with American fintech rivals.
