FinTech Firm Revolut To Apply For US Banking License

Announcements, News | June 5, 2018 By:

UK FinTech firm Revolut will be applying for a US banking license by the end of 2018, Revolut CEO Nikolay Storonsky said on Monday.

Founded in 2015, Revolut is a digital banking alternative that includes a pre-paid debit card (MasterCard), currency exchange, and peer-to-peer payments. The company currently supports spending and ATM withdrawals in 120 currencies and sending in 25 currencies directly from its mobile app. It allows customers to change fiat currency into crypto and trade their existing cryptocurrencies for others. Revolut now has more than 1.5 million customers, completed over 70 million transactions, and has raised $250 million in April, taking it to a total value of $1.7 billion.

Revolut has already applied for a banking license in Europe, and is planning to launch services in the United States this summer with a banking partner. Currently, the company has five employees in New York and plans to open an office in California. Globally, it has 400 employees and it plans to double its headcount by the end of the year.

Storonsky said the company has been using its latest round of funding to expand aggressively, both geographically and through the launch of new services. In addition to personal loans, cryptocurrencies and small business banking, Storonsky said the company is also in the process of launching a robo-advice product, as well as commission-free stock trading.

Besides Revolut, other app-only banks are also slated to apply for a banking licence in the US, including German digital bank N26 and UK challenger bank Monzo.