Valuation at $75 billion, Revolut applies for a U.S. banking license, directly connecting to Fedwire and ACH, accelerating its global digital banking expansion

On March 6, London-based fintech company Revolut submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a national bank charter, aiming to operate as a regulated bank in the United States and directly access core payment networks such as Fedwire and Automated Clearing House (ACH). This move is seen as a significant step in Revolut’s global digital banking strategy, with the U.S. market becoming a key focus for expansion.

If approved, Revolut will be able to connect directly to the Fedwire and ACH systems, which handle trillions of dollars in transfers daily between financial institutions. By accessing these core payment infrastructures directly, Revolut can reduce reliance on intermediary banks, improve cross-institutional settlement efficiency, and gain greater control over transaction processing.

Currently, Revolut operates in the U.S. mainly through partnerships with Lead Bank, providing account and payment services to users. Customer funds are insured by Lead Bank, a member of the Federal Deposit Insurance Corporation (FDIC). During the application review process, Revolut stated that some of its products and services might be adjusted based on regional requirements.

Once granted a banking license, Revolut plans to expand its financial product offerings, including launching personal loans and credit cards. The license would also allow the company to hold deposits directly, reducing dependence on partner banks and building a more comprehensive digital banking system. Revolut had previously considered entering the U.S. market through acquiring a bank but withdrew those plans in January 2026 to pursue a new bank charter instead.

Revolut U.S. CEO Sid Jajodia said that the current U.S. policy environment is more friendly to financial innovation, which is one of the main reasons for submitting the application. He noted that regulatory frameworks around crypto assets and other areas are becoming clearer, providing fintech companies with more defined directions for expansion.

Revolut currently operates in over 40 markets worldwide, with more than 70 million users and an estimated valuation of approximately $75 billion. If the U.S. banking license is approved, the company will significantly expand its regulatory footprint outside Europe and further strengthen its competitiveness in digital payments, crypto asset services, and global fintech.