Revolut is accelerating its expansion of financial services in the United States, planning to launch its US banking service as early as next year. According to Reuters, the British fintech company intends to offer deposit accounts, high-yield investment accounts, stablecoin services, and digital asset trading on the same platform, further integrating traditional banking products with crypto functionality.
The company stated that it will initially prioritize serving individual and corporate clients with cross-border financial needs. These users typically need to hold multiple currencies, such as US dollars, Indian rupees, or Latin American currencies. Revolut's app currently supports over 30 currencies, and its US operations will continue this multi-currency focus.
A US banking license was applied for in March.
Reuters reports that Revolut submitted its application for a national banking license to the Office of the Comptroller of the Currency (OCC) in early March. Previously, the company had considered entering the local market by acquiring a U.S. bank, but later abandoned that plan.
According to current plans, the proposed Bank of America headquarters will be located in Stamford, Connecticut, with an office in New York. Revolut does not intend to open physical branches in the United States, but will instead provide cash services through an ATM network.
Stablecoins and traditional accounts launched in parallel
Revolut's US platform will offer a range of products including FDIC-insured checking accounts, high-yield investment accounts, stablecoins, multi-currency deposits, and stock and crypto trading.
- FDIC-insured checking accounts
- High-yield investment accounts
- Stablecoins, multi-currency deposits, stocks and crypto trading
This means that Revolut aims to operate traditional bank accounts, investment products, and crypto asset services within a single portal. For US users, this model is closer to a hybrid of "digital banking + crypto platform" rather than a single payment application.
The US regulatory stance has softened.
Reuters reported that U.S. regulators have recently become more open to fintech and crypto-related companies applying for banking licenses. In addition to Revolut, Kraken also obtained a "simplified" master account from the Federal Reserve in March of this year, allowing direct access to the core U.S. payment system.
This background helps explain why Revolut is relaunching its plans to establish a US bank. For the company, obtaining a banking license is not only about deposit and payment operations, but also about how smoothly its stablecoins and crypto services can be integrated into the US financial system.
The United States remains a key growth market.
Reuters reports that Revolut currently has approximately 75 million users worldwide, including about 1 million in the United States. Company management stated that many of these users initially encountered Revolut while traveling, working, or living in Europe, Latin America, or Asia.
Financially, Revolut reported revenue of £4.5 billion (approximately $6 billion) last year and net profit of £1.3 billion (approximately $1.75 billion). In addition to its expansion in the US, the company continues to advance its crypto business. Last year, Revolut partnered with Polygon to integrate remittance, POL staking, and crypto card payments into its main application; the company was also previously selected by the UK Financial Conduct Authority for a fiat-pegged stablecoin payment test project.
