Revolut Abandons U.S. Bank Acquisition, Pursues De Novo License

Revolut has abandoned its plan to acquire a U.S. bank and is now pursuing a de novo bank license from the Office of the Comptroller of the Currency (OCC). The move was reported by the Financial Times on January 23, 2026. The company said it is seeking a faster and more streamlined path to operate in the U.S. financial market according to reports.

The decision follows regulatory hurdles and the complexity of acquiring a bank, which would have required maintaining physical branches and navigating cumbersome ownership procedures. Revolut's CEO told Reuters that the company is still exploring all options but favors the new licensing approach.

The de novo license could allow Revolut to operate as a fully digital bank across all 50 states without the constraints of acquiring an existing institution. The company believes that the Trump administration's regulatory environment may facilitate faster approval.

Why Did Revolut Change Strategy?

Acquiring a U.S. bank would have given Revolut a quicker entry into the market, allowing it to operate under an existing charter. However, the process proved to be more complex than anticipated. Revolut cited the need to maintain physical branches and regulatory compliance challenges as major obstacles.

By pursuing a de novo license, Revolut avoids those hurdles. It can build its own banking infrastructure without the need to integrate with an existing entity. This approach aligns with the fintech's digital-first model and long-term growth strategy.

What Does This Mean for the U.S. Market?

The U.S. market is a key focus for Revolut, which aims to expand its global footprint. A de novo bank license would allow the company to offer services to a broader customer base. It also signals Revolut's confidence in the U.S. regulatory environment, particularly under the Trump administration.

The move reflects a broader trend among fintechs seeking to establish their own banks rather than acquire traditional institutions. The OCC has been streamlining its process for new applications, which could make it easier for companies like Revolut to obtain approval.

How Is Revolut Expanding Elsewhere?

Revolut's shift in strategy is part of a wider expansion effort. In Latin America, the company applied for a full banking license in Peru as part of its push to enter multiple markets. The move follows similar licenses in Mexico, Colombia, Argentina, and Brazil.

The company sees an opportunity in Peru's highly concentrated banking market, where the top four banks control over 82% of total loans. Revolut plans to target remittances and cross-border payments, which are critical for many Peruvian users.

What Are Analysts Watching Next?

The success of Revolut's new U.S. strategy will depend on the speed of regulatory approval. The Trump administration's pro-crypto and pro-fintech stance may accelerate the process, but no guarantees exist. Analysts are closely monitoring the timeline for any final decision from the OCC.

Revolut's financial performance also remains under scrutiny. The company reported a 130% increase in net profit in 2024, driven by strong user growth and crypto trading activity. If the U.S. expansion is successful, it could further boost revenue and solidify Revolut's position as a global fintech leader.

The company's Latin American expansion also offers a glimpse into its broader strategy. If approved in Peru, it could replicate its success in other underbanked regions. Remittances and stablecoin payments are central to its approach, aligning with growing demand for digital finance solutions.