Revolut plans U.S. bank launch next year with crypto access

Investing.com -- Revolut plans to launch its U.S. bank operations next year, offering FDIC-insured products including high-yield investment and checking accounts, according to Cetin Duransoy, the company's newly appointed U.S. CEO.

The British fintech firm submitted an application for a U.S. national bank charter in March. The bank will be headquartered in Stamford, Connecticut, with an additional office in New York.

U.S. customers will be able to access stablecoins, multi-currency deposits, and trading services for stocks and cryptocurrencies through the platform. The bank will provide ATM network access but will not operate physical branches.

Revolut serves 75 million customers worldwide, with 1 million based in the United States. Most U.S. customers became familiar with the platform through experiences in Europe, Latin America, or Asia.

The company will initially target customers with international banking needs. "We'll begin by focusing on business and retail customers that need multiple currencies, such as dollars, rupees or Latin American currencies," Duransoy said in an interview on Tuesday. The app currently supports services in more than 30 currencies.

Revolut reported revenue of 4.5 billion pounds ($6 billion) and net profit of 1.3 billion pounds ($1.75 billion) last year. The privately held company was valued at $75 billion in its most recent funding round. CEO Nik Storonsky has stated publicly that Revolut does not plan to list its shares before 2028.

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