Revolut, a London-based digital banking application, is planning to apply for a US bank license. This is to be done with the Division of Financial Institutions of California and the Federal Reserve Bank of San Francisco.
Although Revolut’s financial charter will be with California, the firm will allow the lender to function throughout the US – via interstate agreements. This year, the company had raised $500 million in a funding round with a valuation of $5.5 billion.
The company will become the latest FinTech firm seeking to be a regulated bank. As mentioned by Nikolay Storonsky, CEO at Revolut – “It’s a huge opportunity for us if we are able to provide all the products that you need in one app.”