Revolut abandons the acquisition strategy of banks and instead applies for a De Novo bank license in the United States, betting on regulatory shifts and crypto integration to create a new digital banking pathway for entering the U.S. market.
Abandoning the old acquisition plan, Revolut shifts focus to seeking a “De Novo” independent bank license
Headquartered in London, UK, fintech giant Revolut is officially adjusting its expansion blueprint in the U.S. market. According to insiders, this unicorn company, valued at $75 billion, has decided to give up its original plan to rapidly enter the U.S. market through acquiring local banks.
Instead, Revolut is now applying to the Office of the Comptroller of the Currency (OCC) for a brand-new “De Novo” bank charter, a nationwide banking license designed specifically for newly established banks. In early strategic assessments, the company considered acquiring a licensed local lending institution around August 2025 to quickly gain the qualification to operate across all 50 states, shortening the market entry cycle.
However, after in-depth evaluation, Revolut found that the acquisition plan faced unexpected challenges and obstacles. First, acquiring existing community banks usually entails taking on their physical branch networks and operational costs, which conflicts with Revolut’s digital-first business model. Second, the regulatory approval process for changing bank ownership is extremely cumbersome and time-consuming, potentially slowing down its official operations.
Management believes that applying for an independent bank license, although starting from scratch and negotiating with regulators, can ensure its service architecture more purely aligns with the development needs of digital banking.
Currently, Revolut has engaged in substantive discussions with U.S. regulators. While a final decision has yet to be made, its ambition to enter the U.S. financial market remains solid.
Further reading
From 1.7 billion to 75 billion dollars! Revolut’s bank valuation skyrocketed 4,300% in ten years—what’s behind it?
TOKEN2049: Revolut’s crypto products attract 7 million users in 3 years; even grandma can get started—what’s the key?
Political shifts and regulatory changes, Trump administration promotes a more crypto-friendly environment
The strategic shift by Revolut reflects a precise judgment of the changing U.S. political landscape and regulatory environment. Industry insiders and observers generally expect that under Donald Trump’s leadership, the U.S. financial regulatory system will show a more dynamic de-regulation trend and adopt a friendlier stance toward the cryptocurrency industry.
This political climate shift is seen as a catalyst that can effectively accelerate bank license approval processes, giving innovative financial institutions like Revolut the opportunity to obtain nationwide licenses in a shorter timeframe. The desire for “speed” is a key point emphasized repeatedly by Revolut’s U.S. CEO Sid Jajodia, who in 2025 pointed out that a year in the tech industry is very long, and streamlining regulation will be crucial for market expansion.
Meanwhile, U.S. regulators’ attitudes toward crypto-related companies are also softening. Recently, several crypto-native firms, including stablecoin issuer Circle and blockchain payment network Ripple, have successfully obtained nationwide trust bank licenses. Even the crypto platform World Liberty Financial, supported by the Trump family, has recently applied to OCC to establish the World Liberty Trust Company, a national trust bank, to issue and transfer its $USD1 stablecoin under federal regulation.
These cases demonstrate that the U.S. government is attempting to deepen integration between cryptocurrencies and traditional banking systems, creating favorable external conditions for Revolut, which offers both banking and crypto trading services. This boosts its confidence in achieving integrated financial services through applying for an independent license.
Further reading
Trump’s WLF applies for a U.S. banking license! If approved, it will independently issue, custody, and transfer the USD1 stablecoin
Global expansion and $75 billion valuation, the U.S. becomes a key growth hub
Although Revolut originated in the UK, its global expansion has already spanned multiple continents, with the U.S. market regarded as a core part of its global strategy. To support its ambitious internationalization, the company committed to investing $13 billion in 2025 for its global growth over the next five years. Behind this massive capital injection is its outstanding valuation performance compared to peers.
After the share transfer deal completed in November 2025, Revolut’s valuation soared to $75 billion, a 66% increase from $45 billion in 2024. This financing was led by prominent investment firms such as Coatue, Greenoaks, and Fidelity, reflecting strong market recognition and positioning Revolut as one of the most valuable fintech companies globally.
In addition to the U.S., Revolut is actively expanding into other emerging and mature markets. By the end of 2025, it successfully obtained banking licenses in Colombia and Mexico, demonstrating strong competitiveness in Latin America. Simultaneously, to meet the increasingly strict EU regulations, Revolut acquired a license under the Markets in Crypto-Assets (MiCA) regulation through Cyprus in October 2025, enabling it to provide comprehensive crypto services across the 30 markets of the European Economic Area (EEA).
Furthermore, the company is reportedly seeking banking licenses and remittance service permits in countries like Peru. These global compliance efforts provide strong support for its pursuit of higher regulatory standards in the U.S., demonstrating its ability to operate banking and crypto businesses safely and steadily under diverse regulatory frameworks.
Integrating traditional finance and digital assets to build a global digital banking ecosystem
While pushing for the U.S. bank license application, Revolut has not slowed its R&D and promotion of crypto assets. The company continues to deepen its crypto functionalities, such as recently partnering with Trust Wallet, allowing European users to buy cryptocurrencies directly within the app in real-time, with some transactions offering zero fees.
Additionally, its dedicated crypto trading platform Revolut X continues to evolve. After launching a desktop version at the end of 2024, the platform officially released a mobile app for UK and EEA users in March 2025, further strengthening its position in the retail crypto trading market. These initiatives show that Revolut’s ultimate goal is not merely to be a traditional bank but to become a comprehensive financial platform that seamlessly connects fiat currencies and digital assets.
However, the path to becoming a fully licensed bank is not smooth, even in its home country, the UK. Although Revolut regards becoming a fully capable UK bank as a top priority, it currently remains under a restricted banking license issued by the Prudential Regulation Authority (PRA) in 2024. While this license marks an important milestone, it still limits some services from being fully open.
This explains why Revolut has high expectations for the OCC’s “De Novo” application. If successful, obtaining a nationwide U.S. bank charter would significantly enhance its influence in the global financial system and accelerate its ability to offer deposit, lending, and highly integrated crypto financial services within the U.S. This trend of integrating cryptocurrencies with banking services under unified regulation could potentially change how the public manages funds in the future, making operations more seamless and protected at the federal level.
