Revolut Abandons US Bank Acquisition, Pursues National Banking License

Revolut has scrapped plans to acquire a US bank and is instead preparing a direct bid for a national banking license. This strategic pivot leans on Donald Trump’s deregulatory stance to accelerate its American push. According to the Financial Times, this move marks a reversal from the fintech’s earlier merger-led strategy and highlights how UK neobanks now see Washington’s changing regulatory climate as crucial for their next growth phase.

This also sets up a sharper contrast with British rivals that still view acquisitions as the quickest way into the world’s largest retail banking market. Revolut had spent recent months scouting for a nationally chartered US bank to buy, viewing an acquisition as the fastest way to obtain nationwide lending rights.

A deal would have provided the group with an existing charter and instant passporting across all 50 states, bypassing the long and uncertain process of applying independently. However, that’s changed. The fintech giant is now setting its sights on securing its own national charter.

The timing matters. Revolut’s push comes while its banking ambitions at home remain constrained. Recently, the Bank of England granted the group a UK banking license after a tense three-year process, but this authorization carries tight restrictions. The approval limits the banking division to holding only £50,000 in total deposits—a cap that effectively prevents Revolut from scaling a full-service UK balance sheet in the near term.

In parallel with its US strategy shift, Revolut recently filed for a full banking license in Peru, furthering its expansion into Latin America amid increasing competition among global fintechs targeting the region’s underbanked, mobile-first consumers. Additionally, Revolut announced talks to acquire FUPS, a Turkish digital bank, as part of its strategy to enter Turkey’s fast-growing and dynamic banking sector.

Here’s what changed: The US remains a complex regulatory environment despite policy shifts in Washington. State regulators issue local licenses while the Office of the Comptroller of the Currency (OCC) supervises national charters, creating overlapping regimes that foreign entrants must navigate.

Historically, applications for national licenses involved intensive scrutiny and prolonged timelines, which deterred some digital banks from pursuing direct bids. But recent data show that tech-focused financial firms are testing the OCC’s new posture. In 2025 alone, there were 14 applications for de novo national trust bank charters—many from fintechs seeking limited-purpose banking status.

The question: Why abandon acquisitions? For Revolut, securing its own charter offers greater control over its operations and aligns with its long-term vision of establishing itself as a standalone powerhouse in US retail banking.

But there’s a catch: While Trump’s deregulatory stance may have softened some barriers, obtaining a national license remains no easy feat. Each application undergoes rigorous examination to ensure compliance with federal laws and standards.

Nobody responded when asked about specific timelines or expected outcomes of Revolut’s license application process in the US. Nonetheless, industry observers note that this high-stakes move could signal broader ambitions beyond simply entering new markets through acquisitions.

Until now, many fintechs preferred mergers because they offered speed and certainty—two critical factors in rapidly evolving markets where first-mover advantage can be pivotal.

Revolut’s decision to walk away from takeover plans also reflects shifting dynamics in global finance where regulatory adaptation becomes key to seizing opportunities without sacrificing governance or operational autonomy.

As it stands today, Revolut appears determined not only to crack open doors but also reshape traditional entry routes into lucrative territories like America where competition intensifies daily between legacy banks and tech-driven disruptors alike.

The filing—late Friday—caught analysts off guard yet illustrates once more how nimble strategies often define success stories within ever-changing landscapes governed by multifaceted rulesets across borders worldwide.

The strategic shift by Revolut also highlights an interesting trend within the fintech sector. According to a report by CB Insights, fintech companies have been increasingly opting for direct applications over acquisitions since 2024, citing a desire for greater operational control and flexibility. This approach allows firms like Revolut to tailor their offerings more precisely to meet consumer demands without the constraints often imposed by acquired entities.

In December 2025, Revolut’s CEO Nikolay Storonsky emphasized the importance of adaptability in regulatory environments during a conference call with investors. He stated, “Our goal is to be agile and responsive to changing market conditions, and obtaining our own banking license in the US aligns with this strategy.” This statement underscores the company’s commitment to leveraging its agility as a competitive advantage in new markets.

Meanwhile, the OCC’s recent moves to streamline application processes have not gone unnoticed. In October 2025, Acting Comptroller Michael Hsu announced initiatives aimed at reducing application timelines by up to 20%, making it more feasible for fintechs like Revolut to pursue national charters. This development could potentially encourage more companies to follow suit, further intensifying competition within the US banking sector.

Revolut’s decision also comes at a time when other UK-based neobanks are exploring similar strategies. For instance, Monzo recently signaled plans to apply for its own US banking license in early 2026, indicating that Revolut’s move may be part of a broader trend among British fintechs looking to establish a more permanent foothold in the American market. As these developments unfold, they could reshape how international banks operate within the US financial landscape.