Revolut Files for US National Bank Charter in $500 Million Second Attempt

Revolut, the London-headquartered fintech valued at $75 billion, filed applications with the U.S. Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) on March 5 for a national bank charter, marking the company's second formal attempt to secure a full American banking license. The proposed entity, Revolut Bank US, N.A., would be a de novo charter built from scratch, backed by a $500 million capital commitment over three to five years [1].

Alongside the filing, Revolut named Cetin Duransoy as its new U.S. CEO, replacing Sid Jajodia, who transitions to Global Chief Banking Officer [2].

A Fresh Start After a Quiet Withdrawal

Revolut first applied for a U.S. bank charter in 2021. That application languished for two years before being quietly withdrawn in late 2023, undone by concerns over internal financial controls and a skeptical regulatory environment toward non-bank fintechs. The company's audited accounts for 2021 through 2023, prepared by BDO, were delayed, further complicating the process [3].

The landscape looks markedly different in 2026. Revolut's financial house is now in order, with clean multi-year audits on file. The Trump administration has adopted a more permissive stance toward new bank entrants, with Comptroller Jonathan Gould pulling staff from the supervision division into chartering to handle a surge in applications. Eighteen new-bank applications were filed with the OCC in 2025 alone, and several firms have already received conditional charters [4].

Duransoy Brings Traditional Finance Credentials

The selection of Duransoy signals a deliberate shift in strategy. A veteran of Capital One, Visa, and Fundbox, Duransoy most recently served as U.S. CEO of Raisin, where he scaled the fintech marketplace to more than 90 bank and credit union partners. He joined Revolut in January 2026, giving him two months to prepare the charter filing [2].

His background in regulated finance contrasts with the startup ethos that defined Revolut's earlier U.S. push. The appointment is widely interpreted as a credibility signal aimed directly at OCC examiners who will evaluate the application over the next 12 to 18 months.

"The United States is a key pillar of our global growth strategy. Filing for a national bank charter is a major milestone toward our vision of building the world's first truly global banking platform. This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers." [1]

That was Nik Storonsky, Revolut co-founder and CEO, framing the filing as central to the company's ambition of reaching 100 million customers by mid-2027.

What a Charter Would Unlock

Revolut currently operates in the United States through a partnership with Lead Bank, a Kansas City-based institution that replaced Metropolitan Commercial Bank in November 2024. The arrangement allows Revolut to offer currency exchange, debit cards, savings accounts, and crypto trading, but it operates under a patchwork of state money-transmitter licenses with more than one million U.S. customers [3].

A national bank charter would transform that operating model. FDIC-insured deposit accounts up to $250,000 would eliminate reliance on third-party banking partners. Direct connections to Fedwire and ACH would improve speed and reduce costs. A single federal regulatory framework would replace the need to navigate 50 separate state regimes. Most critically, the charter would allow Revolut to offer personal loans and credit cards directly, unlocking net interest margin revenue [1].

Former U.S. CEO Sid Jajodia summarized the frustration with the current partner model in remarks last October:

"While the partnership model works well, you miss out on things. When there are issues, you want to be engaging directly with the regulator. That is a key stakeholder in your ability to run the business." [3]

Revolut by the Numbers

The company's financial trajectory provides context for the scale of its U.S. ambitions.

The November 2025 secondary share sale that established the $75 billion valuation attracted investors including Coatue, Greenoaks, Andreessen Horowitz, Franklin Templeton, NVentures (Nvidia's venture capital arm), T. Rowe Price, and Fidelity Management & Research [5].

A Difficult Path for European Neobanks

Revolut is not the first European digital bank to attempt a U.S. charter. Monzo withdrew its OCC application in 2021. N26 entered the American market and then exited entirely. Neither had the financial scale or product breadth that Revolut now commands [3].

The company enters this second attempt with several advantages its predecessors lacked: a $4 billion revenue base, a crypto-integrated platform, clean audited financials, and a regulatory climate that favors new entrants. Before filing the charter application, Revolut launched full banking operations in Mexico on January 27, secured a payments license in India, obtained an in-principle payments license in the UAE, and opened a new global headquarters in London [1].

Still, the $500 million commitment will need to cover customer acquisition in a market where consumer trust in digital-only banking takes time to build. OCC processing typically requires 12 to 18 months at minimum, and the favorable regulatory winds of the current administration are not guaranteed to persist through the entire review period [3][4].

References

[1] Revolut Official Press Release, "Revolut Files U.S. Bank Charter Application, Names New U.S. CEO," March 5, 2026. https://www.revolut.com/en-US/news/revolut_files_u_s_bank_charter_application_names_new_u_s_ceo/

[2] Retail Banker International, "Revolut US Bank Charter," March 2026. https://www.retailbankerinternational.com/news/revolut-us-bank-charter/

[3] The Next Web, "Revolut Applies for a US Bank Charter," March 2026. https://thenextweb.com/news/revolut-applies-for-a-us-bank-charter

[4] Yahoo Finance / Banking Dive, "Revolut Applies OCC Charter," March 2026. https://finance.yahoo.com/news/revolut-applies-occ-charter-122803133.html

[5] Revolut, "Revolut Completes Fundraising Process Establishing $75 Billion Valuation," November 2025. https://www.revolut.com/news/revolut_completes_fundraising_process_establishing_75_billion_valuation/