Revolut Renews US Banking Push with Second Charter Application and New CEO

Revolut has officially filed its second application for a US national bank charter, signaling a renewed aggressive push into the North American financial market. The $75 billion fintech giant announced Thursday that it submitted an application to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish "Revolut Bank US, N.A." Alongside the regulatory filing, the London-based company appointed industry veteran Cetin Duransoy as its new US CEO.

For fintech investors and digital banking consumers, this strategic move is critical. Securing a federal charter would allow Revolut to bypass the highly fragmented state-by-state regulatory system, enabling the company to operate under a single federal framework across all 50 US states. This transition unlocks the ability to offer FDIC-insured deposits, provides direct access to major payment systems like Fedwire and ACH, and paves the way for expanding consumer products, including personal loans and credit cards.

To spearhead this renewed American expansion, Revolut has brought in Cetin Duransoy, who brings over two decades of experience spanning banking, payments, and technology. Duransoy previously served as the US CEO of the fintech marketplace Raisin. He replaces Sid Jajodia, who is transitioning to the role of global chief banking officer within the company.

Revolut founder and CEO Nik Storonsky emphasized the importance of the North American market, stating that the United States remains a key pillar of their global growth strategy. He noted that filing for a national bank charter is a major milestone toward the company's ultimate vision of building the world's first truly global banking platform.

This latest application marks a significant pivot in Revolut's US strategy. The company previously attempted to secure a US banking license in 2021 through California state regulators. However, that effort stalled due to regulatory hurdles and internal control concerns, leading to its withdrawal in 2023. The new OCC filing also indicates that Revolut has shifted away from its earlier contingency plans of acquiring an existing American bank to accelerate its expansion.

Revolut's push comes at a time of massive growth for the company, which currently serves over 70 million customers globally across 40 markets. In November 2025, the fintech completed a secondary share sale that cemented its valuation at $75 billion. Furthermore, Revolut is not alone in seeking federal approval; a growing wave of fintech and crypto companies are successfully navigating the OCC charter process.

Recent conditional OCC approvals highlight a shifting regulatory landscape for digital finance companies:

• Nubank received conditional approval in January to establish a national bank in the United States.
• Crypto.com secured similar conditional approval in February.
• In December 2025, the OCC conditionally approved five national bank charter applications for Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos.

Why does Revolut need a US national bank charter?
A national charter allows Revolut to operate uniformly across all 50 states under a single federal regulatory framework, rather than seeking individual state licenses. It also grants direct access to Fedwire and ACH payment systems and allows the company to offer FDIC-insured deposits.

Who is leading Revolut's new US expansion?
Fintech veteran Cetin Duransoy has been appointed as the new US CEO, replacing Sid Jajodia, who will now serve as the global chief banking officer.

What happened to Revolut's previous US banking application?
Revolut first applied for a banking license through California regulators in 2021, but the application stalled due to regulatory hurdles and was officially withdrawn in 2023.

Revolut's decision to abandon state-level licensing in favor of a direct OCC national charter reflects a maturing strategy for the $75 billion decacorn. The 2021 California attempt was a learning curve, proving that state-by-state compliance is fundamentally incompatible with the hyper-growth model required to build a "global banking platform." The recent wave of OCC conditional approvals for companies like Nubank, Circle, and Ripple strongly suggests that federal regulators are finally establishing a predictable framework for digital-first financial institutions. If Revolut secures this charter, its existing base of 70 million global users will serve as a massive springboard, instantly transforming it from a niche travel-card app into a formidable competitor against traditional US legacy banks.