Summary
Revolut plans to begin operating its US bank in 2027, according to its new US CEO Cetin Duransoy, and is gearing up to offer customers FDIC-insured deposits, credit products, and access to cryptocurrencies and stablecoins. Europe's most valuable private company, valued at $75 billion, applied for a US banking license in March 2026 as it looks to rapidly expand in the world's biggest economy.
Revolut, which launched in the US in 2020, currently offers US customers pre-paid cards, multi-currency accounts, and international transfers through partner banks. Winning a license will allow Revolut to go it alone and unlock new revenue streams. The company has earmarked a $500 million spend on US expansion across capital, people, and marketing. Revolut's new US bank will be headquartered in Stamford, Connecticut.
Sources close to Revolut say the neobank is confident it will be successful, citing close collaboration with the OCC and FDIC, and a US regulatory environment under President Trump that is looking more favorably on new banking license approvals. Revolut faces competition from US giants JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup, as well as domestic challengers SoFi and Chime.
Key Facts
- Revolut plans US bank launch in 2027, applied for OCC license March 2026
- $75B valuation (Europe's most valuable private company)
- $500M earmarked for US expansion (capital, people, marketing)
- Will offer FDIC-insured deposits, loans, credit cards, stablecoins, and cryptocurrencies
- New US CEO: Cetin Duransoy (former Visa executive, ex-Raisin US CEO)
- 75M+ retail customers globally; 1M+ US retail customers
- HQ in Stamford, Connecticut; office in New York; 100+ US employees
- Won UK banking license earlier in 2026
- Competitors: JPMorgan, Bank of America, Wells Fargo, Citi, SoFi, Chime, Wise, Nubank, Bunq
- Monzo retreated from US in 2026; N26 also previously exited
Why It Matters
Revolut's US banking push represents the most ambitious attempt by a European neobank to crack the American market, where previous challengers (Monzo, N26) have failed. The $500M spend and plans to offer both traditional banking and crypto/stablecoin products signal a hybrid strategy that could pressure both incumbents and digital-native competitors. Success would give Revolut a beachhead in the world's largest financial market and validate cross-Atlantic neobank expansion.