Revolut intends to launch U.S. bank operations next year, providing FDIC-insured offerings such as high-yield investment accounts and checking accounts, according to Cetin Duransoy, the company’s newly appointed U.S. CEO.
The British financial technology firm filed for a U.S. national bank charter in March and plans to base its bank headquarters in Stamford, Connecticut, while maintaining an additional office in New York.
U.S. customers will have access on the platform to stablecoins, multi-currency deposit accounts, and trading services that include both stocks and cryptocurrencies. The planned bank will enable customers to use an ATM network, but it will not operate physical branches.
Revolut currently serves 75 million customers around the world, with roughly 1 million of those customers located in the United States. The company says most U.S. users first encountered the platform through experiences in other regions such as Europe, Latin America, or Asia.
The initial customer focus in the U.S. will be on individuals and businesses with international banking needs. Duransoy said the company will concentrate on clients requiring multiple currencies, noting examples such as dollars, rupees, or Latin American currencies. The Revolut app supports services in more than 30 currencies.
"We’ll begin by focusing on business and retail customers that need multiple currencies, such as dollars, rupees or Latin American currencies," Duransoy said in an interview.
Financials disclosed by the company show revenue of 4.5 billion pounds, equivalent to about $6 billion, and net profit of 1.3 billion pounds, roughly $1.75 billion, for the prior year. Revolut remains privately held and was valued at $75 billion in its most recent funding round.
Chief Executive Officer Nik Storonsky has publicly stated that the company does not intend to pursue a public listing before 2028.
Clearer details on timing, regulatory approvals, and product rollout will depend on the progress of the national bank charter application and subsequent operational preparations.