Just weeks after its exit from Canada, UK challenger Revolut has applied for a US banking licence and plans to launch Revolut Business across all 50 states.
Today, Revolut confirmed it had submitted a draft application with the FDIC and the California Department of Financial Protection and Innovation. This is the first step in the process to obtain a banking licence.
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Revolut co-founder and CEO, Nik Storonsky, said: “A US banking licence would ultimately enable us to provide US customers with all the essential financial products and services they can expect from their primary bank including loans and deposits.
“We’re on a mission to build the world’s first global financial superapp, and pursuing a US banking licence is an integral part of the journey.”
Continued expansion
As part of Revolut’s continued expansion, the bank submitted an application for a UK bank licence in January. In addition, Revolut was granted an EU banking licence in 2018, and since then, has been rolling out services in Central Europe.
Revolut Business enables companies to sign-up for multi-currency accounts, issue physical and virtual corporate cards, and make free money transfers in 29 currencies.
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By GlobalData“Small and medium-sized businesses are massively underserved in the US, and we want to empower them with the tools to grow and scale globally,” added Storonsky.
“Tackling fragmented processes, high fees, and other business banking pain points, we built and end-to-end solution that saves business owners time and resources to focus on what really matters – running their business.”
Revolut exits Canada
Despite its ambitions to expand, the US move comes as Revolut recently had to pull out of the Canadian market after failing to make headway.
The challenger bank rolled out early account access for Canadian users in November 2019, in anticipation of Canadian launch that never materialised.
In an email to its Canadian customers, Revolut said: “This has been a difficult decision, but we’ll do everything we can to make this process as smooth as possible for you.
“We really appreciate your support and trust as we work on our global expansion and we hope to be able to return to Canada in the future.”
