TL;DR
- Charter Renewal: Revolut filed a new U.S. national bank charter application to operate under one federal framework and expand its product offerings.
- Leadership Shift: The company appointed Cetin Duransoy as U.S. CEO, leveraging his experience in banking, payments, and fintech to accelerate American growth.
- Global Strategy: The move aligns with Revolut’s broader expansion plan, supported by its $75 billion valuation and recent market launches in Mexico, India, and the UAE.
Revolut has taken a decisive step in its North American strategy by filing a fresh application for a U.S. national bank charter, marking its second attempt to secure federal approval after its stalled 2021 effort. The company, now valued at $75 billion following a major secondary share sale in late 2025, says the new filing reflects its ambition to build a unified global banking platform. Alongside the application, Revolut appointed fintech veteran Cetin Duransoy as its new U.S. CEO, reinforcing its commitment to accelerating growth in the American market.
Renewed Push for a U.S. Banking License
The new application was submitted to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to establish Revolut Bank US, N.A. If approved, the license would allow the company to operate under a single federal regulatory framework across all 50 states. Revolut says this structure is essential for delivering a consistent customer experience and expanding its product suite. The move also signals a shift away from earlier plans to acquire an American bank, a strategy the company has now abandoned.
The bank highlighted several benefits tied to the charter, including direct access to Fedwire and ACH payment systems, the ability to offer FDIC‑insured deposits, and the opportunity to launch personal loans and credit cards. These capabilities would unlock new revenue streams and give the company full ownership of its customer experience. Revolut’s leadership says the charter is central to its long‑term goal of reaching 100 million customers and expanding into 30 additional markets by 2030.
Leadership Transition to Support U.S. Growth
Cetin Duransoy brings more than two decades of experience across banking, payments, and technology. Before joining Revolut, he served as U.S. CEO of Raisin and held senior roles at Capital One and VISA. He replaces Sid Jajodia, who remains with the company as global chief banking officer. Revolut says Duransoy’s background will be instrumental as it scales its U.S. operations.
Revolut currently serves over 70 million customers in 40 markets and has recently expanded into Mexico, India, and the UAE. Its U.S. charter application follows a wave of similar moves by fintech and crypto firms, including Nubank, Crypto.com, Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos.
