Revolut has scrapped plans to acquire a US bank and is
instead preparing a direct bid for a national banking license, in a strategic
pivot that leans on Donald Trump’s deregulatory stance to accelerate its
American push.
According to the Financial Times, the move marks a reversal from the fintech’s earlier
merger-led strategy and underlines how UK neobanks now view Washington’s
changing regulatory climate as central to their next phase of growth.
It also sets up a sharper contrast with British rivals
that still see acquisitions as the quickest way into the world’s largest retail
banking market.
Revolut had spent recent months scouting for a
nationally chartered US bank to buy, viewing an acquisition as the fastest way
to obtain nationwide lending rights.
Revolut Walks Away from Takeover Plan
A deal would have handed the group an existing charter
and instant passporting across all 50 states, avoiding the long and uncertain
process of applying on its own.
A takeover would also have required multiple layers of
regulatory sign-off on a change of control, undermining the speed advantage
that initially made the route attractive.
The US push comes while Revolut’s banking ambitions at
home remain constrained. The Bank of England recently granted the group a UK
banking licence after a tense three-year process, but the authorisation carries
tight restrictions.
Related: Revolut Files for Peru Banking License in Fresh LATAM Push
The approval limits the banking division to holding
only £50,000 in total deposits, a cap that effectively prevents Revolut from
scaling a full-service UK balance sheet in the near term.
Revolut scraps US merger plans in favour of push for standalone licence https://t.co/vVhDJya4WS
— Finance News (@ftfinancenews) January 23, 2026
Revolut has filed for a full banking license in Peru, deepening its expansion into Latin America amid intensifying competition among global fintechs vying to serve the region’s underbanked, mobile-first consumers.
Revolut Walks Away from Takeover Plan
The US remains a complex regulatory landscape despite
the policy shift in Washington. State regulators hand out local licenses, while
the OCC supervises national charters, creating overlapping regimes that foreign
entrants must navigate.
Historically, national license applications involved
intensive scrutiny and long timelines, which made some digital banks think
twice about a direct bid.
Fresh data show that tech-focused financial firms are
testing the OCC’s new posture. In 2025, there were 14 applications for a de
novo national trust bank charter, many from fintechs seeking limited-purpose
banking status.
This article was written by Jared Kirui at www.financemagnates.com.
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