Revolut is eyeing a renewed effort to secure a US banking license, marking a strategic shift in its approach to regulatory compliance and market expansion.

Speaking at an investor conference in Helsinki, Chief Executive Officer Nik Storonsky acknowledged that operating without full banking licenses had hindered the company's growth potential.

"In the US, you need to be credit driven. So in the US, we need to have a banking license to launch a product," Storonsky said, highlighting the importance of interchange fee revenue in the American financial landscape.

Revolut Chief Signals Fresh Push for US Banking Expansion

The digital banking giant, which recently achieved a milestone of 50 million global customers, currently serves its US clientele through a partnership with Lead Bank. A previous attempt to secure a US banking charter in 2021 was suspended, but market conditions and the company's evolved strategy may now present a more favorable environment for a fresh application.

In a candid assessment of Revolut's past strategy, Storonsky admitted that the company's initial resistance to regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term was misguided.

"For a long time I wanted to be as less regulated as possible, it was the completely wrong decision," he explained, noting that securing licenses has become more challenging as the company has grown in size and complexity.

Meanwhile, the company has introduced its cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term platform, Revolut X, to 30 additional markets within the European Economic Area (EEA), targeting the $200 billion market.

⚡️New: Revolut boss Nik Storonsky has hinted at making a fresh bid for a US banking license at Slush pic.twitter.com/25dx3AMYLP

— Aisha S Gani (@aishagani) November 20, 2024

The UK Approval Already In

The firm's regulatory evolution is already showing results, with Revolut securing a UK banking license in July after a three-year application process. This milestone, coupled with a recent secondary share sale valuing the company at $45 billion, has strengthened its position in the global financial services arena.

Additionally, the company is developing new products and has announced plans to offer stock trading services in the UK and EU starting next year. This expansion will position it in competition with firms like Trading 212 Group Ltd and Freetrade Ltd, as well as established companies such as Hargreaves Lansdown Plc and AJ Bell Plc.

Revolut will offer trading of UK and EU-listed stocks from next year, as competition among retail brokers serving British investors intensifies https://t.co/pkwSz1t18p

— Bloomberg UK (@BloombergUK) November 18, 2024

Moreover, Revolut India CEO Paroma Chatterjee has confirmed that the company plans to commence operations in the local market in the second half of 2025. She stated, "Our vision is to gradually introduce the full suite of Revolut products to the Indian market, adapting them to meet the unique needs and context of India."

Looking ahead, Revolut has set ambitious targets, aiming to double its customer base to 100 million active users across 100 countries. The company's bold vision includes reaching $100 billion in annual revenue, positioning itself as a leading global financial institution.