Revolut Abandons US Bank Merger Plans, Opts for Standalone License

Revolut Abandons US Bank Merger Plans, Opts for Standalone License—Will This Accelerate Its Crypto Growth?

Revolut, the crypto-friendly fintech unicorn, has decided to drop its plan to acquire an American bank and will instead pursue an independent banking license to enhance its presence in the U.S. market. This decision comes amid a shift in regulatory attitudes towards fintech and cryptocurrency firms, potentially speeding up the company’s expansion in the United States.

Key Takeaways

Revolut's Shift: The fintech unicorn has chosen to seek a standalone bank license instead of merging with a U.S. bank.
Regulatory Environment: A more favorable regulatory landscape in the U.S. has influenced this strategic pivot.
National Charters: The move aligns with a growing trend among fintech and crypto firms to pursue national charters.
Growth Potential: Obtaining a U.S. banking license could significantly enhance Revolut's services, especially its crypto offerings.
Continued Expansion: Revolut is also pursuing banking licenses in other countries to bolster its global growth.

Revolut Drops US Bank Merger Plan, Will Pursue Standalone License

Revolut's Adjustments in Its US Expansion Strategy

The UK-based financial technology company, currently valued at approximately $75 billion, has been exploring the acquisition of a U.S. bank for much of 2025. This acquisition would have allowed Revolut to bypass the lengthy process involved in obtaining a banking charter and enabled immediate lending capabilities across all 50 states.

However, the company's perspective has shifted. Executives originally believed that acquiring a bank would be the fastest way to expand their operations within the U.S. Now, they are betting that the current regulatory climate under the current administration will make the approval process for a standalone banking license more expedited than in recent years.

Revolut acknowledges that the U.S. is integral to its long-term growth strategy. While eager to establish a banking presence in the country, the company has stated that it has yet to finalize its decision and that plans may evolve. Board discussions indicate concerns that acquiring a community bank might present challenges, such as the need to maintain physical branches and navigate a complex approval process for ownership changes.

Interestingly, the process for applying for a de novo license—traditionally a slow endeavor—is now viewed as more predictable and consistent with Revolut’s digital-first model.

Growth of National Trust Charters for Crypto and Fintech

Revolut's new path will place it among a growing list of fintech and crypto-native companies actively seeking national charters. The Office of the Comptroller of the Currency (OCC) has received around 13 new bank and trust license applications in 2025, a number comparable to the total received over the past four years.

In December, the OCC conditionally approved five crypto-focused firms as national trust banks, including BitGo, Fidelity Digital Assets, and Paxos, allowing them to upgrade existing state licenses to national charters.

Receiving a U.S. banking license would grant Revolut enhanced access to dollar clearing, custody, and compliance frameworks, particularly beneficial for its stablecoin and cryptocurrency services. This development comes at a pivotal time when federal oversight is increasingly attractive to both institutional and retail clients.

While national trust charters do not allow entities to accept deposits or provide loans, they offer the regulatory clarity that many crypto firms have long sought after.

Revolut's Role in Bridging Traditional Finance and Cryptocurrency

Revolut has progressively enhanced its cryptocurrency services, positioning itself as a crucial link between traditional finance and the digital asset landscape. In October, Revolut removed all fees and spreads on converting the U.S. dollar to major stablecoins USDC and USDT.

The volume of stablecoin transactions on its platform is expected to rise by 156% in 2025, reaching around 10.5 billion, driven primarily by daily payment activities rather than speculative trading.

Additionally, Revolut has expanded its global footprint, securing banking licenses in Colombia and Mexico, a crypto regulatory license in Cyprus, and over 1 billion investments in France by 2028.

The company is also reportedly contemplating a dual listing on the London and New York stock exchanges—a move that would solidify its status as one of the world's most valuable fintech firms.