Crypto-oriented financial technology company Revolut applies for banking license in the United States.

The license would permit the firm to function similarly to a conventional bank and obtain direct access to payment networks such as Fedwire and ACH.

A Revolut card (Kay/Unsplash/Modified by CoinDesk)

What to know:

• Revolut, a fintech company based in the U.K., has submitted an application for a U.S. banking license, which would enable it to function like a conventional bank within the largest economy in the world and gain direct access to payment networks such as Fedwire and ACH.
• This license could also allow Revolut to introduce lending products, including credit cards and personal loans, and replace its existing partnership with Lead Bank.
• This initiative is part of Revolut’s ambition to establish a global digital bank, with the U.S. identified as a key focus. This development follows Kraken’s acquisition of a Federal Reserve “master account,” which grants direct access to the Fed’s primary payment system.

Revolut, a prominent fintech from the U.K. that provides cryptocurrency trading services, has filed for a U.S. banking license with the Office of the Comptroller of the Currency (OCC), marking a significant step in its efforts to grow within the U.S. financial landscape.

Upon approval, the license would enable the London-based firm to operate more like a traditional bank in the largest economy globally. The company has stated that it would gain direct access to payment networks including Fedwire and the Automated Clearing House (ACH), which facilitate the movement of trillions of dollars between financial institutions annually.

A banking license could also pave the way for lending products, such as credit cards and personal loans. Currently, Revolut provides banking services in the U.S. via Lead Bank, a partner based in Kansas City. This arrangement allows the company to offer accounts and payment solutions without holding its own banking charter.

The application follows Revolut’s decision to abandon its plans to purchase a U.S. bank in January, opting instead to pursue a de novo banking license, which permits banks to establish themselves from the ground up.

This filing also comes just a day after Kraken became the first cryptocurrency exchange to secure a Federal Reserve “master account,” providing its banking division with direct access to the Fed’s core payment infrastructure.

Revolut, which has an estimated valuation of around $75 billion, has indicated that the U.S. market is crucial to its objective of creating a global digital banking presence. The granting of a banking charter would represent one of the company’s most significant regulatory achievements outside of Europe.

The crypto-friendly institution obtained a restricted banking license in the U.K. in 2024 and holds banking licenses in various other locations. However, it is not recognized as a bank in every region where it operates.