Revolut Drops Takeover Plan, Seeks US Bank License via OCC
Revolut plans to seek a United States banking license through the Office of the Comptroller of the Currency, shifting away from earlier discussions to acquire a local bank as it expands internationally, the Financial Times reported Friday, citing people familiar with the matter.
The United Kingdom-based fintech has held talks with U.S. officials about an application to the OCC, according to the report. The change in approach marks a strategic turn from September 2025, when the company said it was considering buying a U.S. bank to speed its global rollout.
Revolut outlined its global growth plan in 2025 and committed $13 billion over the subsequent five years to support expansion. Following a share sale in November, the company was valued at $75 billion.
Revolut targets faster U.S. approval amid deregulatory outlook
Sid Jajodia, Revolut’s U.S. chief executive, said last year that the firm aims to operate as a bank in the country and would like to obtain a banking charter to scale in the market. As of September 2025, he said the company was still assessing possible routes and noted that simplifying and accelerating regulatory processes would be beneficial, adding that speed is critical in the technology sector.
The company chose to pursue a U.S. banking license rather than acquire a lender, betting that approvals could advance more quickly under a crypto-friendly posture from the Trump administration, the Financial Times reported. A purchase of a community bank could also have required maintaining physical branch operations, according to the report.
Revolut did not immediately respond to a request for comment.
Progress on U.K. license and broader international expansion
Revolut has described becoming a fully authorized lender in the United Kingdom as its top priority, but has not yet completed a full rollout of banking services for U.K. customers. The company received a restricted banking license from the Prudential Regulation Authority in 2024.
As part of its broader expansion, the firm said in late 2025 that it obtained banking licenses in Colombia and Mexico, and in October secured a Markets in Crypto-Assets Regulation license from the Cyprus Securities and Exchange Commission as reported on their LinkedIn post.
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