Revolut has changed course in the US, abandoning plans to buy a lender in the country in favour of applying for its own banking licence, according to the Financial Times.
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Last year, the UK-based fintech giant was widely reported to be on the hunt for a nationally chartered US bank to acquire, enabling it to offer lending in all 50 states.
However, according to the FT, citing sources, Revolut has changed plan after concluding that an acquisition could prove difficult and that securing its own licence from the Office of the Comptroller of the Currency offers a smoother route.
The company is banking on an accelerated approach to granting licences under the Trump administration. In December alone, the OCC approved five applications for US banking licences, including for crypto outfits Circle and Ripple.
“The US market is critical for Revolut’s global growth strategy and our long-term plan is to establish a bank in the US. That said, we continue to actively explore all options including a de novo bank licence application,” the firm tells the FT.