British fintech startup Revolut has announced the official launch of business accounts in the USA. Parallel to that, Nikolay Storonsky’s company intends to obtain an American banking license.

Revolut USA’s CEO Ron Oliveira has told Business Insider that the startup has sent relevant documents to the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation, Bloomchain.ru reports.

London-based Revolut entered the U.S. market in March 2020. It has now launched business accounts in all 50 states. Up to this point, startup customers could access only the consumer proposal - Oliveira then called it a “soft launch”.

“At Revolut, we have always thought about the United States. It is the number one market in both size and capacity. I think that up to this point, we were simply not ready. Before launching in the U.S., you need to develop a great product and a strong business model,” Storonskiy said in an interview with Insider.



As planned previously, Revolut has applied for a California bank charter. Once it receives regulators’ approval, the startup will be able to independently provide services throughout the USA.

Revolut currently does not have a U.S. banking license and provides all its services through the licensed Metropolitan Commercial Bank.

According to Ron Oliveira, since launching consumer business in the U.S., Revolut has set the goal of achieving parity in terms of the number of products available to the startup’s customers. Launching business accounts is a step in that direction.

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