Revolut Abandons US Bank Merger to Pursue Independent Banking License, Reports Financial Times

Fintech giant Revolut has reportedly scrapped its plan to acquire a US bank through a merger. According to the Financial Times, the company is now shifting its strategy to focus on securing its own standalone US banking license. This strategic pivot aims to give Revolut greater control over its operations and product offerings in the lucrative American market. The move underscores the challenges fintech firms face in navigating complex US banking regulations and highlights Revolut's long-term commitment to establishing a direct banking presence stateside. Obtaining a national banking charter would allow Revolut to offer a full suite of financial services, including loans and deposits, directly to US customers, potentially intensifying competition with traditional banks and other neobanks.