Revolut is contemplating buying a nationally chartered bank in the US in order to gain an American banking licence, according to a report by the Financial Times (FT).

People familiar with the matter told the newspaper that the move would allow Revolut to provide lending services in the US and expand at a faster pace than if it were to apply for a banking charter by itself.

According to the publication, the neobank would aim to target a cheaper bank which already holds a US banking licence.

A person familiar with the matter said that while Revolut is mulling a purchase, it has not yet decided on whether to go ahead with it, and could still apply for a banking licence in the US.

They added that there is a perception that due the “deregulatory agenda” of President Donald Trump, the US financial regulator will speed up the process for awarding bank charters.

Another person familiar with the matter told the FT that Revolut had also considered buying a bank in the Middle East as part of its plans to expand globally.

In June, Revolut entered into an agreement to purchase Argentinian bank Cetelem from BNP Paribas.

The FinTech will take on Cetelem's assets, which are worth $6.4 million, along with its banking licence.

In July last year, Revolut gained its UK banking licence with restrictions after a three-year wait.

Following approval from the Prudential Regulation Authority (PRA), the Bank of England’s arm that regulates and supervises financial services, Revolut entered a “mobilisation” stage, also referred to as “authorisation with restrictions.”

The stage sees authorised new banks operate with deposit restrictions while they complete the final aspects of their set up before starting to trade fully. Until the phase ends, Revolut will be able to hold only £50,000 of total customers deposits.

Earlier this week, Bank of England governor Andrew Bailey reportedly intervened to stop a meeting that chancellor Rachel Reeves had tried to arrange with financial watchdogs and Revolut, highlighting growing tensions over regulatory independence.

Reeves had attempted to set up a three-way meeting involving Treasury officials, the FinTech company and the Bank of England's Prudential Regulation Authority, which supervises banks and is headed by Sam Woods. The meeting was intended to discuss Revolut's ambitions to become a fully authorised UK bank.

However, Bailey cancelled the meeting over concerns that bank regulation should remain independent from political interventions, according to people familiar with the matter cited by the Financial Times.

Revolut announced in May that it will invest more than €1 billion in France over the next three years and apply for a French banking licence as part of its European expansion strategy.

During the announcement, Revolut said it would establish its new western European headquarters in Paris and create at least 200 new jobs in France during the investment period.

The company is also in the process of submitting an application to France's banking regulator, the Prudential Supervision and Resolution Authority (ACPR).

According to a person with knowledge of the matter, the regulator has been pushing the company to obtain a licence to enable better supervision, given that a large proportion of its European retail customers are located in France.

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