Revolut files for a U.S. national bank charter and seeks FDIC deposit insurance
The Facts
- Revolut said it filed an application for a U.S. national bank charter.
- Revolut’s application is with the Office of the Comptroller of the Currency (OCC) and it is also seeking approval related to deposit insurance from the Federal Deposit Insurance Corporation (FDIC).
- Revolut said that, if approved, the charter would enable it to expand its U.S. business to take deposits and offer lending products such as loans and credit cards.
- Revolut announced that Cetin Duransoy has been appointed as its CEO for the United States.
- Revolut said it has about 70 million clients/customers across more than 40 markets.
- Revolut described the United States as a key pillar of its global growth strategy and linked the move to its goal of reaching 100 million customers globally.
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Context
Which U.S. regulators would need to approve Revolut’s plan?
Revolut said its application involves the Office of the Comptroller of the Currency (OCC) for a national bank charter and the Federal Deposit Insurance Corporation (FDIC) in connection with deposit insurance. Reuters Bloomberg Business
What would a U.S. national bank charter allow Revolut to do?
Revolut said a charter would let it broaden its U.S. business to gather deposits, make loans, and issue credit cards, shifting toward offering services directly rather than relying on intermediaries. Reuters Bloomberg Business ZEIT ONLINE
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Wire services (7)
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