Revolut seeks US bank charter & appoints new US CEO

Revolut has applied for a US national bank charter and appointed Cetin Duransoy as Chief Executive of its US business as it steps up its North America expansion.

The group has applied to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for the charter. The proposed bank would be called Revolut Bank US, N.A.

Duransoy replaces Sid Jajodia as US CEO. Jajodia will remain with Revolut as Global Chief Banking Officer.

US banking push

A national bank charter would bring Revolut's US banking operations under a federal framework. National banks can operate across state lines under federal oversight rather than seeking approvals on a state-by-state basis.

The charter would also allow Revolut to connect directly to US payment systems such as Fedwire and ACH, which underpin interbank transfers and batch payments used by banks and many businesses.

Revolut also framed the charter as a route to offer additional lending products in the US, including personal loans and credit cards. That would add interest-based income alongside existing fee and payment revenue.

The filing also signals deposit-taking ambitions. Revolut said the charter would allow it to offer insured deposits in the US under the FDIC framework, subject to regulatory approval.

Revolut has built its business around app-based accounts, foreign exchange, and cross-border transfers. It operates in 40 markets and says it serves more than 70 million customers worldwide. In Australia, it recently reported reaching 1 million customers and committed USD $400 million in local investment.

In recent years, many fintech firms have weighed the cost and complexity of pursuing full banking licences in the US against partnering with regulated banks. A national bank charter can bring tighter supervisory scrutiny and higher compliance costs, but it can also provide greater control over product development and funding.

"The United States is a key pillar of our global growth strategy. Filing for a national bank charter is a major milestone toward our vision of building the world's first truly global banking platform. This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers," said Nik Storonsky, Co-founder and CEO of Revolut.

Leadership change

Duransoy brings experience across fintech, banking, and card payments. He most recently served as US CEO of Raisin, a marketplace that connects consumers with deposit products from banks and credit unions. Revolut said that during his tenure, Raisin expanded to more than 90 partner institutions.

Before Raisin, Duransoy held senior roles at Capital One and Visa, spanning banking and payments leadership positions.

The leadership change also suggests a shift in how Revolut is organising its US effort as it moves deeper into regulated banking. Jajodia's move to a global banking role points to a broader focus on licensing, supervision, and bank operations across markets.

Global context

The US filing comes as Revolut broadens its regulated footprint. It said it has launched banking operations in Mexico and secured a payments licence in India, and that it has received an in-principle payments licence in the UAE.

Revolut said it aims to expand into 30 new markets by 2030 and reach 100 million customers by mid-2027. It also pointed to the opening of a new global headquarters in London as part of its wider growth plans.

In November 2025, Revolut completed a secondary share offering that it said valued the company at USD $75 billion. Secondary transactions typically provide liquidity for existing shareholders rather than raising primary capital for the business.

US regulators will now assess Revolut's application, including its proposed governance, risk management, and financial resources. Duransoy will lead the US operation as the process moves forward and as Revolut seeks to broaden its product set in the American market.