UK FinTech Revolut has started an application for a banking licence in the US.
In Brief:
It’s filed with the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation.
Revolut currently offers services through US-based Metropolitan Commercial Bank.
It recently decided to exit Canada and focus its efforts elsewhere.
What does this mean?
Revolut says that having its own bank charter will enable it to expand its operations in the US, which it entered in 2019.
It plans to offer more products in the country, such as loans and deposit accounts.
