🦄 Persistence pays off: a new chapter in how Revolut🇬🇧🇱🇹 is pursuing a U.S. banking license

🦄 Persistence pays off: a new chapter in how Revolut🇬🇧🇱🇹 is pursuing a U.S. banking license

The British-Lithuanian fintech has been working toward this goal for a considerable time; for example, making gradual progress through Latin America. Now, according to available information, the process appears to be entering a decisive stage: Yatsenko and Storonsky believe that, under Trump-era deregulation policies, obtaining the desired license could be easier and faster.

💡 The founders acknowledged that “the U.S. market is critical to Revolut’s global growth strategy.” To establish a stronger presence, they even considered acquiring a U.S. bank last autumn, but later determined that, in the long term, obtaining a standalone license would be more advantageous and would eliminate the need to operate physical branches.

💡 Licensing will be overseen by the Office of the Comptroller of the Currency (OCC), and discussions with the authority are already underway.

💡 Precedents: expectations of regulatory leniency are supported by recent developments. The issuance of banking licenses to crypto-focused companies such as stablecoin issuer Circle Internet and the international payments network Ripple suggests that, under the Trump administration, regulators have taken a more favorable approach toward fintech firms.

#news #Europe #UnitedStates

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