Fintech giant Revolut announced Thursday that it had officially filed for a U.S. banking license.

 

Revolut filed its application with both the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, seeking to operate across all 50 states under the name Revolut Bank US, N.A. The filing represents what the company is calling a "de novo" charter, meaning it's building a new banking entity from scratch rather than acquiring an existing institution.

 

As recently as January, Revolut had reportedly been exploring the acquisition of an existing U.S. bank, which would have been a faster path to full banking status. The company scrapped those plans in favor of the de novo route, a decision that likely reflects the OCC's growing willingness under the current administration to greenlight new entrants. The OCC has already granted conditional approval to several stablecoin issuers seeking bank charters, signaling a more permissive stance toward crypto-adjacent financial firms.

 

Approval of a charter would mark one of Revolut's biggest regulatory milestones outside Europe. The company already holds banking licenses across parts of Europe and secured a restricted U.K. banking license from the Prudential Regulation Authority in 2024, though it is still working through the mobilization phase required before that becomes a full license. The U.S. is a different beast entirely.

 

Right now, Revolut operates in the United States through a partnership with Lead Bank, a Kansas City-based institution. That arrangement gets the job done for basic accounts and payments, but it's a ceiling, not a foundation. A license would give Revolut direct access to payment networks such as Fedwire and the Automated Clearing House, systems that move trillions of dollars between banks each year.

 

More importantly, the charter would let Revolut shed its dependency on third-party partners entirely and start acting like a real bank. Customer deposits would be insured by the FDIC, strengthening trust and regulatory protection for users, and the company could begin offering credit cards and personal loans directly to consumers.

 

For a company that has built its reputation around being a financial super-app, the inability to offer federally insured deposits or extend credit in America has been a glaring gap. Revolut's European customers can access a full stack of financial products. U.S. customers get a stripped-down version. The charter is meant to fix that.

 

By securing a federal charter, Revolut aims to bypass the fragmented state-by-state regulatory landscape in favor of a single national framework, providing the infrastructure necessary to scale its suite of retail and business services.

 

 

The Crypto Angle

Revolut isn't just a digital bank. It's one of the more crypto-integrated financial platforms in the world, offering trading for dozens of digital assets, and it has been selected by the U.K.'s Financial Conduct Authority as one of four companies to test stablecoin services under proposed regulations.

 

In that context, the timing of Thursday's filing is striking. It came just one day after Kraken became the first crypto-native firm to secure a Federal Reserve master account, a development that sent a loud signal about where U.S. regulators are headed.

 

Kraken's approval lets its banking arm speed up deposits and withdrawals for large traders and institutional clients, though the account is limited, with Kraken not earning interest on reserves or accessing the Fed's emergency lending. Still, the symbolic weight of a crypto exchange plugging directly into Fed payment rails cannot be overstated.

 

Securing a full banking license would position Revolut to more deeply embed crypto services within a regulated framework, potentially easing concerns for both users and policymakers about the safety and soundness of hybrid platforms.

 

That's the broader story here. We're watching the lines between traditional banking, fintech, and crypto blur in real time, and it's happening faster than most observers expected even a year ago.

 

Revolut's U.S. chief executive at the time of the filing, Sid Jajodia, was blunt about the timing in comments to the Financial Times. Jajodia said the timing of the application had been boosted by the White House's willingness to back new entrants to the regulated banking system, welcoming greater regulatory clarity, including around crypto.

 

That's a diplomatic way of saying what much of the fintech industry has been saying privately for months: the Biden-era posture toward crypto and non-traditional banking entrants was a significant deterrent, and the current administration's approach has opened a window that may not stay open forever.

 

Revolut isn't the only one moving through it. Firms like PayPal and Coinbase are pursuing similar charters following regulatory changes introduced under Donald Trump. ZeroHash, a Chicago-based crypto infrastructure company, has applied for a National Trust Bank Charter from the OCC as well, seeking a federal framework for its stablecoin and digital asset services.

 

 

New Leadership, New Commitment

Alongside the charter filing, Revolut announced a significant leadership shuffle for its American operation. Cetin Duransoy has been named the new U.S. CEO, stepping in as Jajodia moves into a global chief banking officer role. Duransoy previously served as the U.S. CEO of fintech marketplace Raisin and held senior leadership roles at both Capital One and Visa.

 

The hire is deliberate. Getting a de novo bank charter through the OCC is a long and grinding process, requiring extensive scrutiny of capital adequacy, risk management frameworks, and compliance programs. Having someone with deep institutional banking experience at the helm of the U.S. operation sends a message to regulators that Revolut is not approaching this casually.

 

Revolut plans to invest $500 million in the U.S. market over the next three to five years. That's a serious number, and a significant commitment for a company that has had to walk away from a U.S. banking effort before.

 

 

Why Past Attempts Failed, and Why This One Might Stick

Revolut's first U.S. banking license attempt, which began with California regulators in 2021, unraveled by 2023 amid concerns about the company's internal controls and compliance infrastructure. Those issues have since been widely characterized as growing pains typical of a fast-scaling startup that had not yet built the back-office rigor expected of a regulated bank.

 

The company's trajectory since then, the UK banking license milestone, the dramatic financial turnaround, the global licensing push, suggests that those structural weaknesses have largely been addressed. Experts note that while European digital banks like N26 and Monzo have previously struggled to crack the U.S. market, Revolut's massive 70-million global customer base gives it a level of power and self-confidence that its predecessors lacked.

 

There's also the multi-currency angle. Revolut's strong brand recognition and product breadth, including support for multi-currency services, will appeal to digital, mobile, and globally-minded customers, filling a gap in North America where domestic neobanks still offer a limited range of private banking products.

 

That said, skeptics remain. Some analysts have warned that the current rush to acquire U.S. banking licenses is partly a function of regulatory optimism that may not translate into sustained approval rates once the OCC and FDIC begin their detailed reviews. The regulatory process for a de novo bank charter typically takes years, not months, and the political environment in Washington can shift.

 

The OCC's review process will be comprehensive. Revolut will need to demonstrate adequate capital levels, a robust compliance program, a credible business plan, and a management team capable of running a federally regulated bank. Given its prior withdrawal, the company will almost certainly face additional scrutiny around its internal controls and audit functions.

 

If approved, the broader implications reach well beyond Revolut's bottom line. For U.S. regulators, granting or denying the application will send an important signal about how open the system is to globally active, crypto-friendly fintechs seeking full bank status. The decision will likely take into account not only Revolut's financial strength and compliance track record, but also broader debates about innovation, competition and consumer protection.

 

The fact that a crypto exchange now sits on the Fed's payment rails, and that a $75 billion crypto-integrated neobank is simultaneously knocking on the OCC's door, suggests we are entering a genuinely new phase in the relationship between digital finance and the traditional banking system.

 

Whether the regulators are ready for that, or whether the window closes before the paperwork clears, is the question that will define the next chapter for Revolut, and for the broader industry watching closely behind it.

 

 

The cryptocurrency industry crossed an important milestone this week after Kraken Financial secured access to a Federal Reserve master account. The approval allows the crypto company to connect directly to the U.S. central bank’s payment infrastructure, something that has historically been reserved for traditional banks.

 

For years, crypto firms have operated on the edges of the banking system, often relying on partner banks to move dollars between trading platforms and the broader financial network. Kraken’s approval changes that dynamic in a meaningful way. By gaining direct access to the Fed’s core payment rails, the company can settle transactions without depending on intermediaries.

 

While the decision does not give Kraken every privilege a commercial bank receives, it still marks one of the clearest signals yet that digital asset firms are beginning to integrate more deeply into the traditional financial system.

 

 

A Breakthrough for Crypto and Banking

Kraken’s banking subsidiary, Kraken Financial, reportedly received approval for a Federal Reserve master account that allows the firm to participate directly in the U.S. central bank’s payment infrastructure. That includes systems such as Fedwire, which processes large value payments between financial institutions across the country.

 

The ability to connect directly to Fedwire is significant. It means Kraken can move dollars through the same infrastructure used by banks, rather than relying on external banking partners to process deposits, withdrawals, or settlements.

 

For crypto exchanges, this has long been a major operational hurdle. Most platforms depend on third party banks to handle dollar transactions, which introduces additional delays, costs, and risk if banking relationships change.

 

Direct access removes several of those obstacles.

 

 

What a Federal Reserve Master Account Actually Means

A master account is essentially an institution’s primary account with the Federal Reserve. Banks use these accounts to settle payments with one another and to interact with the central bank’s financial infrastructure.

 

Institutions that hold master accounts can send and receive funds through the Federal Reserve’s payment networks. In practice, this allows them to move money across the financial system with high speed and reliability.

 

For traditional banks, this setup is standard. For crypto companies, it has historically been out of reach.

 

That gap has forced exchanges to rely on sponsor banks, which act as intermediaries between the crypto industry and the Federal Reserve’s systems.

 

Kraken’s approval suggests that the line separating digital asset firms from traditional financial institutions may be starting to blur.

 

Despite the milestone, Kraken’s access appears to be somewhat restricted compared with a typical bank’s relationship with the Federal Reserve.

 

Reports suggest the account functions as a limited or “skinny” master account. This type of account provides access to payment rails but does not necessarily include all the privileges commercial banks receive.

 

For example, Kraken would not be able to earn interest on reserves held at the Fed or access certain emergency lending facilities.

 

Still, the ability to connect directly to the payment system is what many crypto firms have been seeking. Even with limitations, the operational advantages are substantial.

 

 

Why Crypto Firms Have Been Pursuing Fed Access

The push for direct Federal Reserve connectivity has been building for several years.

 

Crypto companies have often struggled with inconsistent banking relationships. Some exchanges have seen partners abruptly end services during periods of regulatory pressure or market volatility.

 

These disruptions can cause delays in deposits and withdrawals, which frustrates users and creates liquidity challenges.

 

By securing a master account, a firm can remove much of that dependency on partner banks.

 

There are also practical benefits. Direct access can improve settlement speed, reduce transaction costs, and provide greater reliability when moving dollars between crypto markets and traditional finance.

 

Kraken has been positioning itself for this type of approval for years.

 

The company established Kraken Financial as a Wyoming chartered special purpose depository institution, a type of bank designed specifically for digital asset businesses. Wyoming created the SPDI framework to give crypto firms a regulated pathway into banking.

 

Unlike traditional banks, SPDIs are structured to hold customer deposits at full reserve while providing services tailored to digital assets.

 

Kraken’s banking subsidiary was among the earliest institutions to pursue this model, which helped place it in a stronger position to seek Federal Reserve access.

 

The company has also expanded its services well beyond basic crypto trading. Kraken now operates across multiple markets including derivatives, institutional trading, custody services, and tokenized assets.

 

That broader financial footprint likely helped support its case for deeper integration with the traditional financial system.

 

 

What This Could Mean For Crypto

Kraken’s approval may open the door for other crypto companies to pursue the same path.

 

If additional firms gain access to Federal Reserve payment systems, the impact could extend across several areas of the crypto market.

 

Institutional trading could become more efficient as dollars move faster between exchanges and financial institutions.

 

Crypto platforms may also become more attractive to large investors who require reliable settlement infrastructure before committing capital.

 

There could also be broader competitive effects. Exchanges that secure direct payment access may gain operational advantages over those still dependent on partner banks.

 

In the long term, these developments could accelerate the merging of crypto infrastructure with traditional financial systems.

 

For much of its history, the crypto industry operated largely outside the traditional banking system.

 

Exchanges often struggled to maintain stable banking relationships, and many financial institutions were reluctant to engage directly with digital asset businesses.

 

Kraken’s new level of access suggests that the landscape may be changing.

 

Direct connectivity to the Federal Reserve’s payment infrastructure represents one of the clearest signs yet that cryptocurrency companies are moving closer to the core of the financial system.

 

Whether other firms follow Kraken’s path remains to be seen, but the precedent has now been set.