Revolut, the popular fintech giant, has not yet submitted a full application for its US banking license, despite taking preliminary steps towards this goal over two years ago. In March 2021, Revolut submitted a draft banking application to the Federal Deposit Insurance Corporation (FDIC), which marked the first step in its plan to offer comprehensive banking services to its US customers. However, it has not submitted a banking license application to the FDIC, the agency responsible for insuring bank deposits in the US. The FDIC confirmed that it has not received an application from Revolut at this time.
A recent report by Tech.eu claimed that Revolut had abandoned its US banking license application, but a spokesperson from Revolut clarified that this information was not accurate, and the company has not withdrawn its application. Revolut has not provided any further updates regarding the status of its application in the US.
Revolut’s co-founder and CEO, Nik Storonsky, expressed the significance of obtaining a US banking license, stating that it would enable Revolut to provide US customers with a wide range of financial products and services, including loans and deposits. Currently, Revolut offers banking services in the US through a partnership with Metropolitan Commercial Bank.
Revolut has been actively pursuing approval for banking services in various territories, with mixed levels of success. While the company has obtained regulatory approval in Lithuania, a member of the European Union, it is still awaiting approval in the UK. In July, it was reported that the Bank of England intended to reject Revolut’s application to offer banking services in the UK. However, there has been no formal announcement from the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) regarding this decision.
Revolut’s journey towards obtaining a US banking license is ongoing, and it remains to be seen when the company will submit its full application and receive approval. In the meantime, the fintech giant continues to expand its services globally, with a focus on providing innovative and convenient financial solutions to its growing customer base.
For more information on Revolut and its future plans, stay tuned for updates from UKTN | UK tech news.
(Source: UKTN | UK tech news)
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