Revolut to launch US bank in 2027, says US boss
Revolut plans to begin operating its US bank next year, says its new US boss, and is gearing up to offer customers FDIC-insured deposits, credit products, and access to cryptocurrencies. Revolut is set to offer FDIC-insured deposits, loans, credit cards, as well as access to stablecoins and cryptocurrencies. Fintech Revolut to launch US bank in 2027, says US boss Revolut is set to offer FDIC-insured deposits, loans, credit cards, as well as access to stablecoins and cryptocurrencies.
Key Takeaways
- John Reynolds 1 hour ago Share Share Send email Copy link Revolut plans to begin operating its US bank next year, says its new US boss, and is gearing up to offer customers FDIC-insured deposits, credit products, and access to cryptocurrencies.
Revolut, Europe's most valuable private company, valued at $75bn , applied for a US banking licence in March this year, as it looks to rapidly expand in the world's biggest economy.
- Revolut's new US CEO, former Visa executive and US CEO of German digital bank Raisin, Cetin Duransoy, appointed in March this year, says Revolut will launch its bank in the US in 2027, which will be headquartered in Stamford, Connecticut.
The Revolut US offer Revolut, which launched in the US in 2020, currently offers US customers services including pre-paid cards, multi-currency accounts, international transfers and remittances.
- The US is a largely credit-driven market, so Revolut will be able to benefit from credit interchange fees to potentially offer customers travel perks and other perks.
Another advantage of the licence, says Duransoy, is that Revolut "will also be able to go to market faster, providing customers with the most up-to-date products and technology".
- Revolut will initially target retail and business customers wanting multiple currencies, with Revolut offering services in more than 30 currencies, such as dollars or Latin American currencies.
Marketing offensive In 2024, Revolut co-founder and CEO Nik Storonsky told Harry Stebbings' 20VC podcast "not yet" when asked if the Revolut brand was strong in the US.
- But it's tussling with the dilemma of shifting the perception of its brand from edgy startup to a brand that feels as trusted as traditional banks, without wanting to lose what made it successful in the first place.
Stats & Key Facts
- #Revolut, Europe's most valuable private company, valued at $75bn , applied for a US banking licence in March this year, as it looks to rapidly expand in the world's biggest economy.
- #The Revolut US offer Revolut, which launched in the US in 2020, currently offers US customers services including pre-paid cards, multi-currency accounts, international transfers and remittances.
- #Revolut has earmarked a $500m spend on US expansion (across capital, people and marketing).
- #Revolut will initially target retail and business customers wanting multiple currencies, with Revolut offering services in more than 30 currencies, such as dollars or Latin American currencies.
Revolut is set to offer FDIC-insured deposits, loans, credit cards, as well as access to stablecoins and cryptocurrencies. Fintech Revolut to launch US bank in 2027, says US boss Revolut is set to offer FDIC-insured deposits, loans, credit cards, as well as access to stablecoins and cryptocurrencies. John Reynolds 1 hour ago Share Share Send email Copy link Revolut plans to begin operating its US bank next year, says its new US boss, and is gearing up to offer customers FDIC-insured deposits, credit products, and access to cryptocurrencies.
Revolut, Europe's most valuable private company, valued at $75bn , applied for a US banking licence in March this year, as it looks to rapidly expand in the world's biggest economy. Positive signs While Revolut is still awaiting a decision on its licence submission from US regulators, sources close to Revolut say the neobank is confident it will be successful. They cite two reasons for this: one, Revolut is working closely with the relevant regulatory bodies, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), through the process.
Secondly, the current US regulatory environment, under President Trump, is looking more favourably on new banking licence approvals. Revolut's new US CEO, former Visa executive and US CEO of German digital bank Raisin, Cetin Duransoy, appointed in March this year, says Revolut will launch its bank in the US in 2027, which will be headquartered in Stamford, Connecticut. The Revolut US offer Revolut, which launched in the US in 2020, currently offers US customers services including pre-paid cards, multi-currency accounts, international transfers and remittances.
For more details please read the original article at Tech.eu.
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