London-based fintech startup Revolut is applying for a bank charter in the U.S, according to release. The company has filed a draft application with the FDIC and California Department of Financial Protection and Innovation.
If Revolut gets a charter in California, it would let the company operate in the U.S as an independent bank offering financial services.
The charter would open up opportunities for Revolut on lending and saving products.
Currently, Revolut partners with Metropolitan Commercial Bank in the U.S to handle deposits and issue cards on its behalf.
The company is also launching Revolut Business in the U.S to let the company send and receive international payments more easily.
Revolut Business, available in all 50 states, can be used by companies for payments with virtual and physical debit cards.
About 500,000 companies use Revolut Business in Europe.
