Revolut Files for US Bank Charter, Names Duransoy as US CEO

Revolut, the London-based global FinTech with 70 million customers, took its most decisive step yet into the American market Thursday (March 5), filing for a national bank charter with the U.S. Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).

The move, paired with the appointment of a new U.S. CEO, signals that Revolut is no longer content to operate in America through partner arrangements. It wants to become a full-service American bank.

The charter application, if approved, would create an entity called Revolut Bank US, N.A. The company says a national charter would give it four key capabilities it does not currently have in the U.S.: the ability to operate uniformly across all 50 states under a single federal regulator; direct connections to core payment rails, including Fedwire and ACH; the ability to offer personal loans and credit cards; and FDIC deposit insurance for American customers. In short, Revolut wants to stop depending on intermediaries and start controlling its own infrastructure.

Revolut also announced that Cetin Duransoy will serve as its new U.S. CEO. He succeeds Sid Jajodia, who moves into the role of global chief banking officer. Duransoy most recently ran Raisin U.S., a FinTech deposit marketplace, where he built a network of more than 90 bank and credit union partners. He previously held senior roles at Capital One and Visa.

Revolut Co-Founder and CEO Nik Storonsky framed the filing as central to the company’s long-term ambitions: “The United States is a key pillar of our global growth strategy. Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform. This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers.”

The press release also noted that Revolut operates in 40 markets, recently launched banking services in Mexico, secured a payments license in India, received an in-principle payments license in the UAE, and opened a new global headquarters in London.

In November 2025, a secondary share offering valued the company at $75 billion, placing it among the most valuable private technology companies in the world. The company aims to enter 30 additional markets by 2030 and reach 100 million customers by mid-2027.

Revolut’s application arrives during an extraordinary surge in charter activity across the FinTech sector. During 2025, the OCC received 14 de novo charter applications, a number nearly equaling the total from the previous four years combined.

PYMNTS has reported extensively on this wave. Ford, GM, PayPal, Affirm, Circle and Ripple all have pending bank charter or industrial loan company applications. Mercury, the business banking FinTech, filed for a national bank charter with the OCC and for federal deposit insurance with the FDIC in December. More recently, Erebor became the first bank to receive a national bank charter from the Trump administration, in February.

The broader dynamic, as PYMNTS has documented, reflects a fundamental shift in how FinTechs view regulatory infrastructure — not as a burden, but as a competitive advantage.