Revolut is accelerating its expansion of financial services in the U.S., with plans to launch banking services in America as early as next year. According to Reuters, the UK fintech company intends to offer insured deposit accounts, high-yield investment accounts, stablecoin services, and digital asset trading on a single platform, further integrating traditional banking products with crypto functionalities.
The company stated that, in the initial phase, it will prioritize serving individual and business customers with cross-border financial needs. These users typically require holding multiple currencies such as USD, Indian Rupees, or Latin American currencies simultaneously. Revolut’s current app already supports over 30 currencies, and its U.S. operations will maintain this multi-currency approach.
Applied for a U.S. banking license in March.
Reuters reported that Revolut submitted an application for a national bank charter to the U.S. Office of the Comptroller of the Currency (OCC) in early March this year. Previously, the company had considered entering the U.S. market by acquiring an American bank, but later abandoned this option.
Under the current plan, the proposed U.S. bank headquarters will be located in Stamford, Connecticut, with an office in New York. Revolut does not intend to open physical branches in the U.S., but will provide cash services through an ATM network.
Stablecoins are being launched alongside traditional accounts.
Revolut's U.S. platform will offer a range of products including FDIC-insured checking accounts, high-yield investment accounts, stablecoins, multi-currency deposits, stocks, and cryptocurrency trading.
- Checking account insured by the FDIC
- High-Yield Investment Account
- Stablecoins, multi-currency deposits, and stock and crypto trading
This means Revolut aims to operate traditional bank accounts, investment products, and cryptocurrency services through a single interface. For U.S. users, this model more closely resembles a hybrid of a digital bank and a cryptocurrency platform, rather than a standalone payment app.
The U.S. regulatory stance has shown signs of easing.
Reuters reported that U.S. regulators have recently adopted a more open stance toward fintech and crypto-related companies applying for bank charters. In addition to Revolut, Kraken also obtained a type of “streamlined” master account from the Federal Reserve in March this year, enabling direct access to the U.S. core payment system.
This context helps explain why Revolut is reviving its U.S. banking plans. For the company, obtaining a banking license is not only crucial for deposit and payment services but also for seamlessly integrating its stablecoin and cryptocurrency services into the U.S. financial system.
The United States remains a key growth market.
Reuters reports that Revolut currently has approximately 75 million users worldwide, including about 1 million in the United States. Company executives say that many of these U.S. users initially encountered Revolut while traveling, working, or living in Europe, Latin America, or Asia.
Financially, Revolut generated revenue of £4.5 billion, approximately $6 billion, and a net profit of £1.3 billion, approximately $1.75 billion, last year. Beyond its expansion into the U.S., the company continues to advance its cryptocurrency business. Last year, Revolut partnered with Polygon to integrate features such as remittances, POL staking, and crypto card payments into its main app; previously, the company was also selected by the UK Financial Conduct Authority to participate in a fiat-backed stablecoin payments pilot program.