Revolut Mulls Buying US Bank to Fast-Track American Licence: Report
Main Idea
Revolut is considering acquiring a US bank to expedite obtaining a banking license in the US, leveraging Trump-era deregulatory policies, while also expanding globally in regions like the Middle East and Latin America.
Key Points
1. Revolut is exploring the purchase of a US bank to bypass the lengthy process of obtaining a banking license, as reported by the Financial Times.
2. The fintech, with 60 million customers globally, aims to access the US market more efficiently, potentially benefiting from Trump's deregulatory agenda.
3. Revolut is in talks for a $1 billion deal to raise capital, valuing the company at $65 billion, part of which will fund global expansion, including potential acquisitions in the Middle East.
4. The company recently acquired Argentine bank Cetelem and holds banking licenses in Lithuania, enabling operations in the UK and EEA, with resumed limited crypto services in Hungary.
5. A US banking license could facilitate Revolut's expansion into digital asset services, though it suspended crypto operations in the US in 2023 due to regulatory challenges.
Description
Digital banking giant Revolut is reportedly exploring the purchase of a US bank as it seeks to accelerate its entry into the American market. The move would allow the UK’s largest fintech to bypass the often lengthy process of securing a banking charter from scratch. The company is considering acquiring a nationally chartered bank that already holds a licence, the Financial Times reported Tuesday. An acquisition would allow Revolut to lend in the US more quickly than applying for a banking chart...
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