Revolut Favors Standalone US Banking License Over Bank Purchase

Key Highlights

Revolut is looking to apply for a standalone US banking license with the Office of the Comptroller of the Currency.
Buying a bank would have slowed entry and required physical branches, which don’t fit its digital model.

Revolut, the UK-based fintech company which also offers crypto trading services, is eyeing to drop its plans to acquire a US bank and will instead apply for a standalone banking license in the United States.

The London-based company is reportedly in discussions with US regulators through the Office of the Comptroller of the Currency (OCC) as part of its plan to expand in the United States, according to the Financial Times. Revolut expects the approval process to move faster under the Trump administration, which has shown a more crypto-friendly stance.

Revolut had previously thought about buying a local U.S. bank to speed up its entry into all 50 states. However, people familiar with the matter said the purchase would have been slower and more difficult. Acquiring a bank might have required Revolut to maintain physical branches, which does not fit its digital-first model.

Instead, the company is now pursuing a “de novo” banking license, a type of charter for new banks. While no final decision has been made, the US market remains a central part of the company’s global strategy.

Revolut first announced its plan to expand in 2025 and committed $13 billion to support growth over the next five years. The firm was valued at $75 billion in 2025 after a share sale in November, placing it among the world’s most valuable fintech companies.

The company has also been securing approvals in other countries. It obtained banking licenses in Colombia and Mexico in late 2025 and received a Markets in Crypto-Assets (MiCA) license in Cyprus in October.

Expanding crypto and international presence

Revolut is still in the process of fully rolling out as a bank in the UK, having received a restricted banking license from the Prudential Regulation Authority in 2024, which limits some services. The company has also expanded its crypto offerings, partnering with Trust Wallet to allow instant cryptocurrency purchases in the European Union, with some transactions having zero fees.

The standalone license move comes just a week after Trump family-backed crypto platform World Liberty Financial filed for a national trust bank charter in the US. The company’s subsidiary, WLTC Holdings LLC, applied with the Office of the Comptroller of the Currency (OCC) to create a national trust bank called World Liberty Trust Company.

If approved, the bank would allow the firm to issue, hold, and convert its USD1 stablecoin under federal supervision. In short, these developments show crypto firms trying to combine banking and crypto under one regulated system. This could change how people and businesses manage money, making crypto and traditional banking work together more smoothly in the US.