Revolut has applied for a national bank charter.
The U.K. company said in a press release that it applied to the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. to create Revolut Bank US. Cetin Duransoy was named U.S. CEO, succeeding Sid Jajodia, who is now global chief banking officer.
“Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform,” Nik Storonsky, Revolut’s co-founder and CEO, said in the release. “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.”
If approved, Revolut will be able to operate nationwide and offer FDIC deposit insurance.
Duransoy recently served as the U.S. CEO of Raisin.
Revolut completed a secondary offering in November that valued the company at $75 billion.