Revolut has scrapped plans to buy a US lender and will instead apply for an American banking licence, the Financial Times reported today, citing people familiar with the matter.
The company has held talks with US officials about seeking a licence through the Office for the Comptroller of the Currency (OCC) in hopes of a quick process amid the Trump administration’s deregulatory push, according to the report.
In a response to the report, Revolut told Reuters it continues to actively explore all options, including a de novo bank licence application in the US.
“The US market is critical for Revolut’s global growth strategy and our long-term plan is to establish a bank in the US,” Revolut said in an emailed statement to Reuters.
The $75 billion firm – pegged as Europe’s most valuable financial technology company – said in September that it was exploring buying a US bank to accelerate its global expansion and had been considering launching credit cards in its home market.
