European fintech Revolut plans on applying for U.S.. banking license

According to sources with knowledge of the matter at hand, Revolut, a digital banking app plans on applying for a bank charter with the Federal Reserve Bank of San Francisco and California’s Division of Financial Institutions within weeks.

Although Revolut’s bank charter will be with California, it will allow the lender to operate widely throughout the United States through interstate agreements.

Revolut, which incidentally raised $500 million in its latest funding round earlier this year and was valued at $5.5 billion, is set to become the latest fintech which is seeking to become a regulated bank.

Revolut declined comment.

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