Revolut Files Draft US Bank Charter Application with FDIC and California DFPI
In March 2021, Revolut filed a draft bank charter application with the FDIC and the California Department of Financial Protection and Innovation, seeking a state-level banking license in the United States. This filing accompanied Revolut's launch of US business accounts, expanding its product offering beyond consumer services in the American market. Unlike SoFi's pursuit of a national charter through the OCC, Revolut opted for a state charter route.
Obtaining a bank charter would enable Revolut to hold deposits directly and offer lending products without relying on BaaS partner banks for its US operations. The application was at the draft stage, meaning a lengthy regulatory review process still lay ahead. The move reflects a broader trend of international fintechs seeking direct banking licenses in the US to gain greater operational control and reduce partner bank dependency.
Revolut's dual focus on consumer and business accounts positions it to compete more aggressively with established US neobanks.
- International fintechs are increasingly pursuing US banking licenses to reduce BaaS partner bank reliance and gain direct deposit-taking capabilities
- Revolut's US business account launch alongside the charter filing signals a multi-segment strategy targeting both consumers and SMEs