Meet the British digital bank trying to conquer America

Revolut is on a mission to build a global digital bank. The British company is already one of Europe’s biggest fintechs. Now Revolut is setting its sights on a bigger prize: America.

Valued at $5.5 billion, Revolut has more than 15 million customers around the world and last spring it quietly entered the US market.

In a bid to gain the trust of American consumers, Revolut plans to submit an application with federal regulators this year for a bank charter in the United States, the company exclusively told CNN Business.

Bank charters, which allow companies to hold customer deposits and make loans without a partner bank — are very rare for fintech companies — and unheard of for foreign startups.

But Revolut is trying to stand out in the ultra-competitive US market by pitching itself as a digital one-stop shop. Think: Venmo meets Robinhood with a side of Chime and JPMorgan Chase — all under a single roof.

“In the US, fintechs just do one thing — and they do it well,” Nik Storonsky, Revolut’s co-founder and CEO, told CNN Business. “We offer all the tools you need in your financial life.”

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Source: Meet the British digital bank trying to conquer America – WICZ