Revolut, one of Europe’s most valuable fintech companies, is thinking about buying a U.S. bank as part of its big plans for international growth. Executives from the digital finance company confirmed that this move could help Revolut grow faster in America and increase its customer base worldwide.
Revolut’s Global Ambitions
Britain’s Revolut said on Tuesday it was exploring buying a U.S. bank to accelerate its global expansion and was eyeing launching credit cards in its home market, as the digital finance firm seeks to encroach further onto the turf of traditional lenders. https://t.co/Jnwspk9FWE
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Revolut has made it clear that it wants to be a bank in every country where it operates. The company is currently thinking about two options to enter the U.S. banking sector: buying a U.S. bank or applying for its own U.S. banking license. Buying a bank with an existing license would allow Revolut to enter the market more quickly and start offering its services to American customers faster.
Sid Jajodia, Revolut’s U.S. CEO, said that being a bank in the U.S. is important, as Revolut’s current business there is still small. The final decision, whether to buy a bank or go through the regular licensing process, has not been made yet.
Massive Investment and Expansion Plans
Revolut also announced a massive global investment plan, promising to spend $13 billion worldwide over the next five years. Of this, $4 billion will be spent in the UK, which remains Revolut’s home market. The company will also create more jobs, aiming to add 1,000 new positions in the UK alone.
Revolut is targeting 100 million customers in 2027, and in 2030, it will be entering over 30 additional countries in addition to its 65 million customers. It has also begun to expand internationally in Latin America, Asia, the Middle East, and Africa, and already has licenses and new offices there.
New Products and Services
Besides its U.S. ambitions, Revolut is preparing to launch consumer credit products like credit cards and unsecured loans in the UK. Executives hope this will make Revolut a bigger competitor to traditional banks in Britain. They are also working to finally secure a full UK banking license, which has been in progress for several years.
The CEO and co-founder of Revolut, Nik Storonsky, stated that despite expanding into other international markets, the company is still committed to the UK. British politicians such as Finance Minister Rachel Reeves have hailed the input of Revolut to the UK fintech industry.
Why Is This Important?
Revolut’s plan to buy a U.S. bank could help it:
- Speed up its U.S. expansion by skipping long licensing delays.
- Offer more products to American customers.
- Compete with traditional and digital banks inside the United States and worldwide.
With a current valuation target of $75 billion and a goal to double its user base, Revolut is making bold moves to join the world’s top financial players.
What’s Next?
No final deal has been announced yet, but Revolut’s push into the U.S. and its ongoing expansion into new markets show that the company is serious about becoming a truly global bank.
Revolut’s actions over the next year, whether it buys a U.S. bank, secures new licenses, or launches fresh services, are set to make big news in both fintech and traditional banking around the world.
