Revolut expects to start operating its US bank next year as the UK fintech expands its push into regulated banking, stablecoins, and multi asset financial services, according to a Reuters report.
The company’s US bank is expected to offer FDIC insured products, including high yield investment and checking accounts, according to Cetin Duransoy, Revolut’s recently appointed US CEO. US clients will also have access to stablecoins, deposits in multiple currencies, stock trading, and crypto trading.
Revolut applied for a US national bank charter in March. Duransoy said the bank is expected to be headquartered in Stamford, Connecticut, with an additional office in New York.
The company plans to focus first on clients with international financial needs. Revolut’s app supports services in more than 30 currencies, positioning the bank to serve retail and business customers that need access to dollars, rupees, Latin American currencies, and other foreign exchange products.
Revolut will not operate physical branches, though clients will have access to ATM networks.
The expansion comes as Revolut scales its US ambitions from a relatively small base. The company has 75 million clients globally, including 1 million in the US. Many of its US users already know the fintech through its operations in Europe, Latin America, or Asia.
Revolut reported 4.5 billion pounds, or about $6 billion, in revenue last year, along with 1.3 billion pounds, or roughly $1.75 billion, in net profit. The privately held company was valued at $75 billion in its latest funding round.
CEO Nik Storonsky has said Revolut does not plan to list its shares before 2028.
