Revolut Expands Its Digital Banking Services In The US

Revolut, the British FinTech company that bills itself as a “financial super app,” announced on Monday (March 22) that it would begin operating in all 50 U.S. states.

The company said in a news release that it had submitted its draft application for an American banking license while also launching Revolut Business throughout all 50 states. The application was submitted to the FDIC and California Department of Financial Protection and Innovation, the first step toward getting a U.S. banking license.

“An important part of Revolut’s plans to build the world’s first global financial super app, a US banking license would allow Revolut to provide a broader range of financial products to U.S. customers, including overdraft protection, loans and deposit accounts,” the news release said.

Based in London, Revolut describes itself as a “new and innovative” financial platform that allows users to enjoy the services of a traditional bank without having to worry about fees. Since its launch in 2015, Revolut has raised nearly $1 billion in investments and was recently valued at $5.5 billion. As PYMNTS reported in December, Revolut enjoyed something of a COVID-inspired boost last year, breaking even thanks in part to its European customers.

Revolut submitted its application for a British banking license in January and received a similar license for the EU in 2018, allowing it to begin banking services in Central Europe.

“A U.S. banking license would ultimately enable us to provide U.S. customers with all the essential financial products and services they can expect from their primary bank,” said Revolut Co-founder and CEO Nik Storonsky. “We’re on a mission to build the world’s first global financial super app, and pursuing a U.S. banking license is an integral part of the journey.”

Monday’s announcement, made on the first anniversary of Revolut’s introduction to American markets, came less than a week after the company said it was suspending operations in Canada for the time being. In a statement released on Twitter, Revolut said that it had “hoped to be able to bring Canada the full Revolut service, but that is not possible at the moment. We think it’s in the best interests of our customers to pause for now, and we hope in the future we’ll be able to return to Canada when we can offer the full suite of Revolut services.”