Meet the British digital bank trying to conquer America
Revolut is on a mission to build a global digital bank. The British company is already one of Europe’s biggest fintechs. Now Revolut is setting its sights on a bigger prize: America.
Valued at $5.5 billion, Revolut has more than 15 million customers around the world and last spring it quietly entered the US market.
In a bid to gain the trust of American consumers, Revolut plans to submit an application with federal regulators this year for a bank charter in the United States, the company exclusively told CNN Business.
Bank charters, which allow companies to hold customer deposits and make loans without a partner bank — are very rare for fintech companies — and unheard of for foreign startups.
“In the US, fintechs just do one thing — and they do it well,” Nik Storonsky, Revolut’s co-founder and CEO, told CNN Business. “We offer all the tools you need in your financial life.”
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