Reverse Submit Bank License Application in the United States

Revolut

Revolut marked its first anniversary in the United States with two significant milestones – the submission of bank license applications in that country and the launch of Revolut Business in 50 states.

The CEO of Revolut in the United States, Ron Olivera, confirmed that the company has submitted an application to the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation, the first step in the licensing process. Banking in the United States. The order is an important part of the company’s plans to build the world’s first global financial super app, as the country’s banking license will allow Revolut to offer customers a wide range of financial products, including loans and deposit accounts.

In January, the financial app had already requested a UK banking license to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). In December 2018, an EU banking license was granted in Lithuania, thus providing banking services in Central Europe.

An American bank license will allow us to provide American customers with all the necessary financial products and services they can expect from their main bank, including loans and deposits.“Revolut co-founder and CEO Nick Stornski said.”We have a mission to create the first global financial super app, and having a bank license in the United States is an integral part of this journey.“.

Vice versa

Additionally, when it has more than 500 thousand business customers worldwide, Revolut will also make its Revolut Business accounts available in the United States. Revolut Business allows companies to create accounts in multiple currencies, issue physical and virtual corporate cards, transfer money, pay suppliers, partners or employees in 29 currencies for free, wherever they are – all interbank rates On.

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Tools available for business accounts include free and instant money transfers between reversible business client companies, international currency accounts, as well as expense management tools. In addition, customers can integrate other accounting and productivity applications, such as Slack, Zapier, Xero, and QuickBooks, to streamline processes, save time, and reduce human error.

Small and medium-sized businesses are lined up in the United States and we want to develop them globally and empower them with large-scale equipment.“, Discard Stornski.”When it comes to bank management, dealing with fragmented processes, high fees and other pain points, we’ve created an end-to-end solution that saves business owners time and resources on what really matters – their businesses. Focuses on running.“.

Since its launch in the United States in March 2020, Revolut has attracted hundreds of thousands of customers. The launch of Revolut Business and the submission of bank license applications in the United States are important milestones for the organization and reflect a commitment to offering the best financial services to retail and business customers.

Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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