London-based fintech startup Revolut has applied for a bank charter to operate as an independent bank in the United States, according to TechCrunch.
- Revolut submitted a draft application with the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation, but discussions are still ongoing.
- Revolut has a presence in the U.S. through a partnership with Metropolitan Commercial Bank, which handles deposits and issues cards for the European firm.
- The startup is also launching Revolut Business which enables companies to send and receive international payments more easily through virtual and physical debit cards. It is currently available across all 50 states, and counts as customers 500,000 companies in Europe.
- The company has 15 million customers for its financial supper app, mostly in the European Union and the United Kingdom, where it is applying for a banking license. It also has a specialized license from the Bank of Lithuania.