Revolut submits application for U.S. banking charter
Revolut has filed an application for a U.S. banking license as the startup looks to offer more traditional services, including deposit accounts, overdraft protection, and loans. The company said it’s also launching Revolut Business across all 50 states.
“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,” said Revolut co-founder and CEO Nik Storonsky.
The U.K.-based financial-technology company previously submitted an application for a U.K. bank license, and was granted a EU banking license in Lithuania, where it offers banking services in Central Europe. Currently, Revolut partners with Metropolitan Commercial Bank in the U.S., which issues cards and handles deposits.
“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,” Storonsky said.
Revolut Business allows companies to sign-up for multi-currency accounts, issue physical and virtual corporate cards, and make free money transfers in 29 currencies. Business accounts also include free and instant transfers to other Revolut Business account holders, as well as tools for expense and subscription management.
According to Revolut, more than 500,000 companies have signed up for a business account, mostly in the U.K. and EU, and that figure could expand with business accounts available in the U.S.
“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 said. “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.”
Launched in 2015 in the U.K., Revolut offers money transfer and exchange services, budgeting tools, and more. The company was most recently valued at $5.5 billion.