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British Fintech Revolut Dons the Stars and Stripes as it Pushes for U.S. Bank Charter
U.K. fintech Revolut was draping itself in the Stars and Stripes today as it applied for a U.S. bank charter and appointed a new stateside CEO.
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Revolut Ramping Up in U.S.
Revolut, which has about 70 million clients in 40 countries, wants to ramp up its presence in the U.S., potentially ahead of an IPO.
If its applications are approved by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, Revolut plans to broaden its U.S. business to gather deposits, make loans, issue credit cards and facilitate payments.
“The United States is a key pillar of our global growth strategy,” Revolut Founder and CEO Nik Storonsky said. He added that its presence in the U.S. will be important for the fintech to reach a goal of 100 million customers globally.
According to Reuters, Revolut is expected to invest $500 million in the U.S. over the next three to five years, including the capital for the new bank, marketing and hiring.
The company also announced that former Visa V -0.11% ▼ executive Cetin Duransoy will be its new CEO for the United States. Sid Jajodia, the company’s outgoing U.S. chief executive, will serve as the company’s global chief banking officer.
Getting Set for an IPO?
Its strategy in Europe and other markets has been to attract customers using it as a secondary bank account for services including payments and foreign exchange transactions, then woo them with perks like subscriptions.
The company did not comment on the timing of any IPO, with Jajodia declaring that there was money available in private markets. It completed a secondary share sale valuing it at $75 billion in November.
There was chatter last year that Revolut is eyeing up a unique dual-listing in New York and London.
If that deal took place, then it would be one for the history books as it would mark the first time a company had simultaneously listed in New York and entered London’s flagship FTSE 100 index.
What Other IPOs are in the Pipeline?
Let’s look at what other IPOs are in the pipeline with our TipRanks IPO calendar.
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