Popular fintech company Revolut celebrates its first year in the US today, March 23rd, 2021, with the filing of its application for a US banking license and also the launch of Revolut Business in all 50 states.
In fact, Ron Oliveira, CEO of Revolut USA, confirmed that the company has already applied to the FDIC and the California Department of Financial Protection and Innovation for a banking license, which would allow Revolut to provide a wider range of financial products to US customers.
In early January 2021, the company had already stated that it had applied for another banking licence in the UK with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Revolut had previously obtained a European banking licence in Lithuania in December 2018.
Revolut, the banking licence to build a super app
Nik Storonsky, co-founder and CEO of Revolut, said:
“A US banking license would ultimately enable us to provide US customers with all the essential financial products and services they can expect from their primary bank including loans and deposits. We’re on a mission to build the world’s first global financial super-app, and pursuing a US banking license is an integral part of the journey”.
The latest news surrounding Revolut
Earlier this month, the app had launched a new feature called “Expenses” to offer business customers smarter management of their spending, keeping them organized and in control, providing a greater level of control over business expenses and saving time.
Still in March, Revolut announced that it had opened its bank in 10 European markets, namely Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia.
In February, on the other hand, partly because of Covid-19 and the need for smart working, Revolut had declared that its more than 2000 employees would work in flexible mode, i.e. being able to decide when and how often to work remotely or in the office.
