Revolut is but to file its full software for a banking license in the US, in response to a report by Tech.eu final Friday. It got here two years after the UK-headquartered challenger financial institution revealed its intentions to submit a draft software for a US banking constitution.
Though Revolut didn’t affirm formally, the FDIC (Federal Deposit Insurance coverage Company), the federal government company overseeing the US banking trade, advised the publication that it doesn’t have any software from Revolut. California’s Division of Monetary Safety and Innovation (DFPI) additionally mentioned it “by no means obtained a de novo financial institution constitution software from Revolut.”
The registry of the Workplace of the Comptroller of the Forex (OCC), one other US regulator, doesn’t present any pending software from Revolut.
Earlier, Revolut mentioned that it filed a draft software with each FDIC and DFPI. Finance Magnates has approached Revolut for additional clarification and can replace this story accordingly.
The Intention of Revlut to Grow to be a Financial institution
Revolut is headquartered in London and operates as a fee establishment within the UK. Nevertheless, in most of Europe, the corporate supplies providers with a banking license obtained in Lithuania.
In the meantime, the fintech is moreover in search of a banking license within the UK and has utilized for a similar in 2021. Additional, the Australian arm of Revolut is contemplating an area banking license however is but to make any formal software, Finance Magnates reported.
Revolut, valued at $33 billion at its peak after which slid to an estimated $18 billion, entered the US in 2020 with providers together with cash transfers and debit playing cards. Through the years, it prolonged providers within the nation and even added a robo-advisor to automate funding portfolios for patrons.
Nevertheless, the platform is wrapping up its cryptocurrency providers within the US, because it reportedly instructed its clients within the county final month to promote their crypto holdings. The “tough resolution” was made as a result of regulatory hostility within the nation in the direction of cryptocurrencies.
Other than Revolut, a number of different high fintechs are additionally in search of US banking charters, however most withdrew their licenses. Robinhood, Sq., and Monzo are among the many high names that withdrew their US banking license purposes lately. In the meantime, Varo Financial institution turned the primary shopper fintech to obtain a US banking license from the OCC in 2020.
Revolut is but to file its full software for a banking license in the US, in response to a report by Tech.eu final Friday. It got here two years after the UK-headquartered challenger financial institution revealed its intentions to submit a draft software for a US banking constitution.
Though Revolut didn’t affirm formally, the FDIC (Federal Deposit Insurance coverage Company), the federal government company overseeing the US banking trade, advised the publication that it doesn’t have any software from Revolut. California’s Division of Monetary Safety and Innovation (DFPI) additionally mentioned it “by no means obtained a de novo financial institution constitution software from Revolut.”
The registry of the Workplace of the Comptroller of the Forex (OCC), one other US regulator, doesn’t present any pending software from Revolut.
Earlier, Revolut mentioned that it filed a draft software with each FDIC and DFPI. Finance Magnates has approached Revolut for additional clarification and can replace this story accordingly.
The Intention of Revlut to Grow to be a Financial institution
Revolut is headquartered in London and operates as a fee establishment within the UK. Nevertheless, in most of Europe, the corporate supplies providers with a banking license obtained in Lithuania.
In the meantime, the fintech is moreover in search of a banking license within the UK and has utilized for a similar in 2021. Additional, the Australian arm of Revolut is contemplating an area banking license however is but to make any formal software, Finance Magnates reported.
Revolut, valued at $33 billion at its peak after which slid to an estimated $18 billion, entered the US in 2020 with providers together with cash transfers and debit playing cards. Through the years, it prolonged providers within the nation and even added a robo-advisor to automate funding portfolios for patrons.
Nevertheless, the platform is wrapping up its cryptocurrency providers within the US, because it reportedly instructed its clients within the county final month to promote their crypto holdings. The “tough resolution” was made as a result of regulatory hostility within the nation in the direction of cryptocurrencies.
Other than Revolut, a number of different high fintechs are additionally in search of US banking charters, however most withdrew their licenses. Robinhood, Sq., and Monzo are among the many high names that withdrew their US banking license purposes lately. In the meantime, Varo Financial institution turned the primary shopper fintech to obtain a US banking license from the OCC in 2020.
