Revolut applies for US banking license

Revolut has submitted a draft application for a US banking licence and is launching Revolut Business across all 50 states.

The FinTech unicorn announced in January that it had submitted its application for a UK bank license to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The company has been operating with EU banking license in Lithuania since December 2018 and has begun rolling out banking services in Central Europe.

Revolut launched its consumer banking app in the US one year ago, and today confirmed that it has submitted a draft application with the FDIC and the California Department of Financial Protection and Innovation, the first step in the process to obtain a banking license.

The company said a US banking license would allow Revolut to provide a broader range of financial products to US customers including overdraft protection, loans and deposit accounts.

The launch of Revolut Business accounts will enable companies to sign-up for multi-currency accounts in minutes, issue physical and virtual corporate cards, make free money transfers in 29 currencies to pay suppliers, partners, or employees worldwide at the interbank exchange rate.

Revolut co-founder and chief executive, Nik Storonsky 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.”

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

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