Revolut Applies for US Banking License: A Key Step in Digital Banks Breaking into the Local Market

In March 2025, London – Global digital banking giant Revolut officially submitted a national bank charter application to the U.S. Office of the Comptroller of the Currency (OCC), a move seen by the industry as a significant turning point in its U.S. strategy. According to CoinDesk, if approved, Revolut will for the first time gain direct access to the Federal Reserve's core payment systems, thereby breaking away from its long-standing reliance on partner banks and achieving true financial autonomy. Previously, Revolut in the United States has been providing account and payment services through a partnership with Lead Bank in Missouri. While this model helped it quickly enter the market, it also brought issues such as process delays, limited services, and profit sharing. Once it obtains a banking license, Revolut will directly become a member of the Federal Reserve System, with seamless access to the Fedwire real-time gross settlement system and the ACH automated clearing house network. This means that transaction costs will be significantly reduced, the speed of funds arrival will be greatly improved, and the customer experience will be more stable and controllable. More importantly, with a license, Revolut will have the right to independently conduct credit business, including issuing credit cards, personal loans, and even potentially venturing into mortgage loans in the future. Currently, its lending products in the U.S. market are all completed in cooperation with third-party institutions. This shift not only broadens revenue streams but also marks Revolut's transformation from a "payment tool" to a "comprehensive financial services platform," echoing the common trend of global digital banks pursuing higher profitability models.

Although the U.S. market has a large user base and a high acceptance of fintech consumer habits, traditional banks still firmly dominate core financial relationships. Revolut's application is a frontal breakthrough of this barrier. Historically, there have been precedents for similar attempts: Varo Bank successfully obtained a national bank charter in 2020, becoming one of the few to break through; while more startups have been shelved due to strict regulatory reviews or unclear profitability models. Currently, U.S. regulators are paying more attention to risk control capabilities and long-term sustainability, which places higher demands on Revolut's compliance system and capital structure. This application is not only a strategic upgrade at the corporate level but also reflects the deep evolution of global fintech from "convenient alternative" to "system embedding." If successful, Revolut will become the first European digital bank to obtain full-fledged banking status in the United States, setting a new benchmark for the global neobank model.