Revolut has filed for a US national bank charter with the Office of the Comptroller of the Currency and the FDIC as part of its expansion into the American market.

Cetin Duransoy has been named chief executive officer for the United States, taking over from Sid Jajodia, who will remain as global head of banking.

The company plans to invest about $500 million in the U.S. over the next three to five years to fund capital, marketing, and hiring.

Revolut completed a secondary share sale in November, valuing the company at roughly $75 billion and signaling strong private market demand before the U.S. push.

Revolut has grown to over 70 million customers in more than 40 countries and generates significant revenue in Europe, with the 75 billion dollar valuation underpinning its expansion.

The fintech is pursuing global expansion with a broader strategy beyond a bank acquisition, reinforced by its strong private-market demand.

Revolut’s U.K. bank is operating under restricted mobilization due to its size and remains under close regulatory oversight as it expands globally.

Regulators monitor Revolut’s U.K. bank during its mobilization phase while the company pursues growth in other markets.

The article provides background on the reporters and editors and the regulatory context for Revolut’s U.K. and U.S. banking activities.

Revolut Bank UAB operates as a licensed European bank based in Lithuania, regulated by the Bank of Lithuania and the ECB, with a broader footprint including London headquarters and operations in 40 markets.

Revolut previously submitted a draft licence application in 2021 and has not obtained a full licence, with peers like N26 and Monzo having mixed outcomes in the U.S.

The move is a significant step toward Revolut’s goal of expanding to 30 new markets by 2030 and reaching 100 million users by mid-2027.