Revolut Files U.S. Bank Charter Application, Names New U.S. CEO

WHY THIS MATTERS: Revolut’s formal application for a U.S. national bank charter is the most decisive move yet in the battle for global financial platform dominance. This is more than a geographic expansion; it is a fundamental shift in regulatory strategy, moving the company from relying on third-party bank partners to seeking direct control over the entire customer experience in the largest consumer market in the world. Achieving direct access to payment rails like Fedwire and ACH is transformative, promising significant improvements in speed, reliability, and cost-efficiency, which directly benefits the user. More importantly, the charter would unlock full-scale lending and credit card capabilities, allowing the highly-valued fintech to capture valuable Net Interest Margin (NIM) revenue. This move signals that for a global ‘super app’ to succeed, regulatory compliance and deposit insurance are non-negotiable foundations for achieving mass market trust and unlocking sustainable core banking profitability.

Revolut, the global financial technology leader serving more than 70 million customers worldwide, today announced that it has applied to the U.S. Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation for a U.S. national bank charter [to be called Revolut Bank US, N.A.]. This filing marks a major milestone in Revolut’s strategic expansion into North America and reinforces its mission to become the world’s first truly global banking platform.

Additionally, Revolut has announced that Cetin Duransoy has been appointed as U.S. CEO. Duransoy succeeds Sid Jajodia who remains at the company as Global Chief Banking Officer.

Revolut Co Founder and CEO, Nik Storonsky said: “The United States is a key pillar of our global growth strategy. Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform. This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers.”

The U.S. national bank charter will provide Revolut with several strategic advantages:

• Full ownership of the customer experience: Allows Revolut to build better products faster and provide additional value directly to customers.

• Nationwide reach under one regulatory framework: Revolut will be able to operate seamlessly across all 50 states under federal regulatory oversight.

• Direct access to payment rails: Allows Revolut to connect directly to systems like Fedwire and ACH, which will improve speed, reliability, and cost efficiency.

• Full-scale lending and new revenue streams: Enables Revolut to  directly offer personal loans and credit cards, unlocking net interest margin (NIM) and access to core banking revenues.

• FDIC Insurance: Enables Revolut to directly offer insured deposits to customers in the U.S.

Duransoy brings over two decades of tech, payments, and finance industry experience to the U.S. CEO post. He most recently served as the U.S. CEO of Raisin, a leading fintech marketplace. In this role he scaled Raisin’s platform to 90+ bank and credit union partners. Prior to his CEO role at Raisin, Duransoy held senior leadership banking and payments roles at Capital One and VISA.

As of March 2026 Revolut operates in 40 markets globally, offering a range of payment services including money transfers and currency exchange across borders between Revolut users, among other services. Securing a U.S. bank license soon after scaling our operations in Mexico, would mark significant progress on Revolut’s goal to expand into 30 new markets by 2030 and reach 100 million customers by mid 2027. Recent milestones include launching banking operations in Mexico, securing a payments license in India, securing an in-principle payments license in the UAE, and the opening of Revolut’s new Global HQ in London.

In November 2025, Revolut completed a secondary share offering, raising the company’s valuation to $75 billion, establishing it as one of the most valuable private tech companies.

FF NEWS TAKE: This filing is a massive pivot that moves the needle for the entire neo-banking sector by proving that the highest valuation players are pursuing the most difficult regulatory path. The appointment of Cetin Duransoy, a CEO with deep experience in scaling fintech partnerships, suggests a focused approach to navigate the regulatory landscape. The next major milestone to watch is the OCC and FDIC’s reaction and the timeline for approval. Success here would legitimize the ‘global banking platform’ vision and create significant competitive pressure on both U.S. incumbents and other international fintech rivals with similar ambitions.