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March 23 2021

Revolut applies for US banking license

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After a year of Revolut’s US launch, the digital bank has applied for a banking license in the country.

The company is now also offering its business banking products in all 50 states. About 500,000 companies are using Revolut Business in Europe.

Read also: Monzo has reached over 135,000 paying subscribers

Having a license is crucial for offering various banking products like loans and savings, which help banking providers make a profit. Revolut cooperates with FDIC and the California Department of Financial Protection and Innovation to gain the license.

Nik Storonsky, co-founder and CEO of Revolut, said: “A US banking license would ultimately enable us to provide US customers with all the essential financial products and services they can expect from their primary bank including loans and deposits.”

“We’re on a mission to build the world’s first global financial super-app, and pursuing a US banking license is an integral part of the journey.”

There are 15 million customers that currently use Revolut’s financial super app. Revolut’s biggest customer base is from the U.K. and the European Union countries. Revolut is currently approaching 200,000 U.S. retail customers.

“Small and medium-sized businesses are massively underserved in the US, and we want to empower them with the tools to grow and scale globally,” Storonsky says.

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“Tackling fragmented processes, high fees, and other business banking pain points, we built an end-to-end solution that saves business owners time and resources to focus on what really matters – running their business.”

Revolut has also announced an application for a banking license in the U.K., while aborting services in Canada, where the Revolut’s license application was not successful.

“Analysts and investors have been sceptical of whether the incomers could gain ground with U.S. customers in an increasingly crowded digital banking market”, Reuters reported.

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