British fintech firm Revolut is set to launch its U.S. national bank operations next year, promising a suite of FDIC-insured financial products. Cetin Duransoy, recently appointed U.S. CEO, confirmed that the new bank will offer high-yield investment and checking accounts. The company, which filed for a U.S. national bank charter in March, aims to commence operations with headquarters in Stamford, Connecticut, and an additional office in New York, as Duransoy told Reuters in a recent interview.
U.S. clients will gain access to a broad array of services, including stablecoins, deposits in various currencies, and trading in both stocks and cryptocurrencies. Revolut is a global fintech firm that provides a wide range of digital financial services. It offers clients tools for managing money across multiple currencies, facilitating international transactions, and engaging in various investment activities. The initial focus will be on customers with international needs, leveraging the app’s capability to process transactions in over 30 currencies. “We’ll begin by focusing on business and retail customers that need multiple currencies, such as dollars, rupees or Latin American currencies,” Duransoy stated.
While the bank will not operate physical branches, clients will have full access to ATM networks. Revolut currently serves 75 million clients globally, with one million based in the United States, many of whom became familiar with the brand through its European, Latin American, or Asian operations. Last year, the private company reported substantial financial performance, including £4.5 billion ($6 billion) in revenue and £1.3 billion ($1.75 billion) in net profit. Valued at $75 billion in its latest funding round, Revolut’s CEO Nik Storonsky has indicated that the firm does not intend to pursue a public listing before 2028.
