NEW YORK—The U.K.-based fintech Revolut has applied for a U.S. bank charter and appointed former executive Cetin Duransoy as its new CEO for the United States.
Revolut, which has about 70 million clients in 40 markets, said that if its applications are approved by the Office of the Comptroller of the Currency and the FDIC that it plans to broaden its U.S. business to gather deposits, make loans, issue credit cards and facilitate payments.
“The United States is a key pillar of our global growth strategy,” Revolut Founder and CEO Nik Storonsky said in a statement. Soronsky added the company’s presence in the U.S. will be important for the fintech to reach a goal of 100 million customers globally.
Revolut said it expects to invest $500 million in the U.S. over the next three to five years, including the capital for the new bank, marketing and hiring.
The Growth Strategy
The fintech, which sponsors the Audi Formula 1 team, soccer teams and music festivals, said it also intends to look for similar opportunities in the U.S. to promote its brand.
Reuters noted that the company’s strategy in Europe and other markets has been to attract customers using it as a secondary bank account for services that include payments and foreign exchange transactions, then woo them with perks like subscriptions.
