Revolut renews push to set up US bank; appoints new CEO

Source

JOON HYOUNG LEE

Summary

Revolut said it submitted an application to establish a bank to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
If approved, Revolut would gain the ability to provide banking services across the United States and access payment systems such as Fedwire.
Revolut said it appointed Cetin Duransoy as the new CEO of its US unit as part of its global expansion plan.

Forecast Trend Report by Period

UK fintech firm Revolut is renewing its push to enter the US market.

According to Cointelegraph on the 5th (local time), Revolut submitted an application on the day to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish a bank. If approved, Revolut would be able to provide banking services nationwide in the United States. It would also be granted access to payment systems such as the Federal Reserve’s Fedwire.

Revolut previously sought to establish a US bank in 2021, but the effort fell through. Cointelegraph reported that “Revolut appears to have revised its previous plan to acquire a US bank as part of its global expansion,” adding that “Revolut currently serves more than 70 million customers across 40 markets.”

Revolut also appointed a new CEO for its US unit on the day. The new CEO, Cetin Duransoy, is a finance professional who previously served as CEO of Raisin US, the fintech marketplace.

BTC