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Revolut yet to submit full US banking licence application

Revolut US
Image credit: Revolut

Revolut is yet to submit an official application for its US banking licence after taking the preliminary steps over two years ago.

The fintech giant submitted a draft banking application with the Federal Deposit Insurance Corporation (FDIC) in March 2021.

The filing was a first step in plans to offer full banking service to its US customers. However, it is yet to submit a banking licence application to the agency responsible for insuring US bank deposits.

The FDIC confirmed to UKTN that it did “not have an application from that group [Revolut] at this time”.

Tech.eu initially reported on Friday that Revolut had abandoned its application for a US banking licence. A Revolut spokesperson told UKTN that this was “not accurate” and it has not withdrawn an application.

Revolut declined to comment further on the status of its application in the US.

“A US banking licence would ultimately enable us to provide US customers with all the essential financial products and services they can expect from their primary bank including loans and deposits,” Revolut co-founder and CEO Nik Storonsky said at the time of the draft US application.

Revolut, which is among the UK’s most valuable tech companies despite a drop in valuation, currently provides banking services in the US through a partnership with Metropolitan Commercial Bank.

The fintech has been seeking approval for banking services in a handful of territories – with varying degrees of success.

Revolut was granted regulatory approval with Lithuania, a member of the European Union (EU). However, it has yet to be given the green light in the UK.

It was reported in July that the Bank of England intended to reject Revolut’s application to perform banking services in the UK. However, no formal decision has been announced by the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA).

Read more: What next for Revolut if its UK banking licence is rejected?