If the application is successful, Revolut would serve as a self-reliant bank in the United States of America
Revolut is putting up a petition for a United States bank license.
The London-based startup has sent an initial request to the California Department of Financial Protection and Innovation and the FDIC. However, this can take a long seeing that the talks are ongoing.
If Revolut obtains the license, it will offer a variety of financial services and more so savings and lending products.
Currently, the partnership between Revolut and United States’ Metropolitan Commercial Bank ensures that deposits and issuance of Revolut cards are handled.
The company is also launching Revolut Business in the US. These accounts will allow other businesses to send and receive payments with much ease as well as issue all types of debit cards. In Europe, 500,000 businesses are using Revolut Business. Revolut Business service is available in 50 states.
The fintech start-ups’ financial super app boasts of approximately 15 million customers. The majority are in the European Union and the UK.
Revolut is also applying for a UK banking license. The UK has the company’s largest clientele and is also its home country. The company has a specialized permit from the bank of Lithuania.
We’ve reported that Revolut expands banking services across 10 European countries.