Revolut Files Second US National Bank Charter Application and Names New US CEO
London‑based fintech group Revolut has renewed its push to launch a full‑service banking operation in the United States, filing a fresh application for a national bank charter with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). The move is accompanied by the appointment of veteran fintech executive Cetin Duransoy as Revolut’s head of US operations.
New charter request, new leadership
On Thursday, Revolut announced that it has submitted paperwork to the OCC and the FDIC to create “Revolut Bank US, N.A.” The application seeks a federal charter that would allow the company to operate under a single regulatory regime across all 50 states.
In tandem with the filing, Revolut named Cetin Duransoy as its United States chief executive officer. Duransoy, who has spent more than 20 years in banking, payments and technology, most recently served as the US CEO of Raisin, a fintech marketplace for savings products. He takes over from Sid Jajodia, who will stay on the firm’s executive team as global chief banking officer.
Founder and CEO Nik Storonsky said the United States remains a cornerstone of Revolut’s worldwide expansion plan, adding that securing a national bank charter is a “major milestone” toward building what he describes as the world’s first truly global banking platform.
Why a federal charter matters
If the OCC grants the license, Revolut would gain several strategic advantages:
- Nationwide reach – A national charter would eliminate the need to chase individual state licences, giving Revolut a uniform regulatory footing across the country.
- Direct access to core payment rails – The bank would be able to connect directly to Fedwire and the ACH network, enabling faster and more cost‑effective settlement of payments.
- FDIC‑insured deposits – Customers could enjoy the safety of federally insured deposits, a key trust factor for a growing user base.
- Broader product suite – The charter would open the door to offering credit‑based products such as personal loans and credit cards, expanding Revolut’s revenue streams beyond its current exchange‑and‑wallet services.
The request follows an earlier, now‑withdrawn attempt in 2021 to obtain a US banking licence through California regulators. That effort stalled in 2023 amid regulatory hurdles and internal‑control concerns, prompting Revolut to abandon the bid and later consider acquiring an existing American bank—a strategy the company appears to have set aside in favor of building its own charter.
Market context
Revolut’s renewed charter pursuit comes at a time when a growing number of fintech and crypto‑focused firms are seeking similar authorisations from the OCC. Notable examples include:
- Nubank – received conditional approval for a U.S. national bank earlier this year.
- Crypto.com – secured a conditional charter in February.
- Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos – were conditionally approved for national bank charters in December 2025.
The wave of applications reflects a broader trend: digital‑first firms are eager to embed themselves within the traditional banking infrastructure, gaining direct access to payment systems and deposit insurance while offering a seamless experience to users of crypto and other digital assets.
Potential impact on the fintech and crypto ecosystem
- Competitive pressure on incumbent banks – By entering the U.S. market with a federally chartered bank, Revolut could challenge regional banks on pricing, speed of service and product innovation, especially in the under‑banked segments that fintechs typically target.
- Integration of crypto services – A US charter could allow Revolut to embed crypto‑related features—such as on‑ramp/off‑ramp services, custodial wallets or token‑based rewards—within a regulated banking environment, potentially smoothing the compliance gap that many crypto platforms face.
- Regulatory precedent – Successful approval may provide a roadmap for other fintechs seeking national charters, reinforcing the OCC’s willingness to accommodate digitally native banks while also testing the robustness of U.S. supervisory frameworks.
Key takeaways
- Revolut has filed a second application for a U.S. national bank charter, aiming to launch “Revolut Bank US, N.A.” under a single federal regulatory regime.
- Cetin Duransoy, former US CEO of Raisin, has been appointed as Revolut’s new US chief executive, replacing Sid Jajodia, who remains on the global banking team.
- A federal charter would give Revolut direct access to Fedwire and ACH, FDIC‑insured deposits, and the ability to offer credit products, positioning it for a full‑scale banking operation across all 50 states.
- The move follows a withdrawn 2021‑2023 attempt via state-level licensing and signals a shift away from acquiring an existing American bank.
- Revolut joins an expanding roster of fintech and crypto firms (Nubank, Crypto.com, Circle, Ripple, etc.) that are seeking OCC‑backed national bank charters, underscoring a broader industry push to blend digital‑asset services with traditional banking infrastructure.
Revolut’s outcome remains uncertain, but its renewed charter effort and leadership change underscore the company’s determination to cement a lasting presence in the United States, a market that continues to attract fintech innovators seeking to bridge the gap between conventional banking and the fast‑evolving world of digital finance.
Source: https://cointelegraph.com/news/revolut-second-us-bank-charter-application-new-us-ceo?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
