Tuesday, November 28, 2023

Revolut Will Apply For US Banking License

By ET Bureau - April 09, 2021 1 Mins Read

Revolut Will Apply for US Banking License

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.” 

Source: CNBC 


ET Bureau

The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.

Subscribe To Newsletter

*By clicking on the Submit button, you are agreeing with the Privacy Policy with Enterprise Talks.*