Revolut Launches in the US via Metropolitan Commercial Bank Partnership

Revolut rolled out its mobile banking app and debit cards to US customers on March 24, 2020, powered by a partnership with Metropolitan Commercial Bank. Through this bank-fintech arrangement, Revolut users in the US receive FDIC-insured deposit accounts held at Metropolitan Commercial Bank, while Revolut provides the digital front-end experience including spending analytics, instant notifications, and fee-free currency exchange. The launch positioned Revolut as an embedded fintech super app in the US, competing with established neobanks like Chime and traditional banks alike.

Revolut had previously operated in the UK and Europe, making the US a critical expansion market. The partnership follows the classic BaaS model where a chartered bank provides the regulated banking infrastructure while the fintech owns the customer relationship and user experience. No specific financial terms of the partnership were disclosed.

The move came at a time of heightened consumer interest in digital banking alternatives as the COVID-19 pandemic began impacting in-branch banking.