Digital bank Revolut wants to become a federally chartered bank in the US. The successful UK-based Fintech is already approved to provide banking services in the EU.
Revolut Bank UAB is licensed by the European Central Bank (ECB) and regulated by the Bank of Lithuania. It received its specialized banking license in 2018 and a full banking license later on. As it is regulated in a member state, Revolut can offer banking services across the European Union and the EEA. Revolut gained a UK bank license earlier this year.
Several years back, Revolut sought a US bank license and then changed its mind. As the current administration is more innovation-friendly, Revolut recently reapplied for a federal bank charter.
As Revolut is a digital-only bank, if approved, it will join a handful of other digital-only banks providing bank services in the US. Yet the process is rigorous with standards and compliance held at the same level as traditional banks.
Revolut’s aim to become a digital bank in the US is not without hurdles. Fair Finance Watch (FFW) has sought to block the firm’s plan to become a chartered bank. In March of 2026, FFW submitted a letter to the Office of the Comptroller of the Currency (OCC) opposing the application submitted by Revolut. To quote the document, FFW demands greater scrutiny in the review of a firm’s application:
“Revolut’s global regulatory record warrants scrutiny. In April 2025, the Central Bank of Lithuania — Revolut’s primary European banking regulator — fined Revolut Bank a record €3.5 million, the maximum penalty available, for systematic weaknesses in its anti-money laundering monitoring processes. Regulators found that Revolut’s systems were insufficient to detect patterns indicating money laundering or terrorist financing. This was the fourth major enforcement action against Revolut since 2022, with fines escalating from €50,000 in 2022 to €3.5 million in 2025.”
As reported by Inner City Press, which is related to FFW, the group is now demanding that the US Federal Reserve apply careful examination of Revolut’s application. As of yet, no other groups have publicly opposed Revolut’s application.
FFW frequently submits comments to US regulators pertaining to financial services activities, typically opposing mergers and other actions.
Revolut is widely expected to pursue an initial public offering at some point in the not-so-distant future. Being a U.S.-chartered bank could help boost the company’s valuation.