Revolut applies for bank charter in the US
London-based digital banking startup Revolut has announced that it is applying for a bank charter in the US, submitting a draft application with the FDIC and the California Department of Financial Protection and Innovation. Currently, the startup partners with US-based Metropolitan Commercial Bank.
Revolut counts 15 million users, mostly in the U.K. and the European Union. A year ago it launched in the US and it is approaching 200k customers. With this announcement, the company is also launching business accounts for businesses in the US, a feature that has been available in other countries for some time and attracted over 500k users.
The startup has a variety of insurance partners, which you can see here, and last August we reported that it is looking to create an insurtech business. It recently hired an individual for its insurance unit who spent close to 10 years working at Hiscox and Zurich.