The British fintech startup with Russian roots Revolut, in the coming weeks, plans to apply for a banking license in California, CNBC reports, citing informed sources.
The publication notes the startup will file documents with the Federal Reserve Bank in San Francisco and the California Department of Financial Institutions.
Although the state license would permit Revolut to serve customers across the United States, analysts described such an approach as ‘untypical for the industry’.
The possibility for fintech firms to receive limited‑purpose banking licenses has been discussed in the United States since December 2016.
A Revolut spokesperson declined to comment on the information.
Founded in 2015 by former Credit Suisse trader Nikolay Storonsky and a former Deutsche Bank software developer, the startup Revolut issues cards with multiple currency accounts and allows exchanging currencies without bank fees, converting funds at mid-market rates.
In February 2020, Revolut raised $500 million and reached a valuation of $5.5 billion.
In March, the company struck a partnership with the American Metropolitan Commercial Bank.
At the start of September, the Revolut app became available to residents of Australia.
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