Revolut Applies for US Banking License, Eyes Crypto Markets in US and Turkey

UK-based fintech giant Revolut has submitted an application for a banking license to the US Office of the Comptroller of the Currency (OCC), marking a key step in its formal entry into the US financial system. As a digital bank offering cryptocurrency trading services, approval would allow Revolut to operate in the US like a traditional bank and directly access the Federal Reserve's payment networks, including Fedwire and ACH systems, significantly improving fund clearing efficiency and service scope.

Furthermore, with a license, Revolut is expected to launch credit products in the US, such as credit cards and personal loans. Currently, its US accounts and payment services are still provided through partner Lead Bank. This application represents a strategic adjustment after Revolut abandoned the acquisition of a local US bank, opting instead to apply for a license independently, aiming to build a global digital banking platform, with the US, as the world's largest economy, becoming its core target market.

This move also echoes Kraken's recent approval for a Federal Reserve "master account," indicating a gradual increase in regulatory openness towards compliant crypto institutions. At the same time, Revolut is also targeting the Turkish market. According to news earlier this year, the company is considering acquiring local digital bank FUPS to accelerate its business launch in Turkey and further expand its presence in Europe and emerging markets. As the global digital banking landscape reshapes, Revolut's dual strategy may become a new benchmark for the industry.