Revolut abandons acquisition strategy, pursues direct US banking license: Sources
The fintech giant Revolut has decided to pursue a banking license directly through the OCC instead of its earlier strategy of acquiring an existing US bank that would have come with physical branch obligations.
The cryptocurrency-embracing fintech giant Revolut is set to pursue a United States banking license, moving away from its previous strategy to buy an American lender as part of its efforts to broaden its worldwide footprint, according to a Friday report from the Financial Times.
The fintech company based in the United Kingdom has held talks with American regulators regarding an application for a banking license via the Office for the Comptroller of the Currency (OCC), according to Friday's report from the newspaper, which cited sources with knowledge of the discussions.
This strategic pivot, should it be verified, would represent a significant shift in approach for Revolut, which had announced in September 2025 its consideration of acquiring an American banking institution to fast-track its worldwide expansion efforts.
Established in the United Kingdom, Revolut announced its worldwide expansion blueprint in 2025 and pledged $13 billion in capital investment across the subsequent five-year period to fuel growth internationally.
After completing a share sale transaction in November, Revolut achieved a valuation of $75 billion, positioning it as one of the globe's most highly valued financial technology companies.
Revolut anticipates expedited US regulatory approval under Trump's deregulation agenda
"It is our ambition to be a bank in the US," Revolut US CEO Sid Jajodia reportedly said last year, adding: "We would love to get a banking license soon, because it's part of our objective to scale in the market."
The executive emphasized that as of September 2025, the organization was continuing to assess the various options available, noting that any assistance from regulators to streamline the process would be beneficial.
"A year is a long time in a tech space, so speed is critical," Jajodia said at the time.
Based on the reporting, Revolut chose to apply directly for a United States banking license instead of purchasing an existing American lender, wagering that the regulatory approval timeline could be accelerated given the Trump administration's pro-cryptocurrency regulatory approach.
Furthermore, purchasing a community banking institution would have potentially required Revolut to operate and maintain physical branch locations, according to the sources.
Cointelegraph reached out to Revolut for confirmation of these plans, but had not received a response by publication.
Revolut has not yet achieved full bank status in the UK
Revolut has indicated that transforming into a completely operational UK banking institution was its "number one" objective, however the firm has not yet launched with complete banking services accessible to all UK consumers.
It received a restricted banking license from the UK's Prudential Regulation Authority in 2024.
As part of its wider international expansion strategy, Revolut has been obtaining regulatory clearances in additional jurisdictions over recent months.
In late 2025, the company announced it secured banking licenses in Colombia and Mexico, and in October, obtained a Markets in Crypto-Assets Regulation license from the Cyprus Securities and Exchange Commission.