Revolut Cryptocurrency Trading App Startup Seeks US Banking License
A British financial startup has recently applied for the lucrative banking license in the United States. The company was first opened in 2015, and continues to pivot towards more international acceptance in the banking sector. Going by the name Revolut, the startup has already filed their application with regulatory authorities in Europe for their banking license.
The company offers millions of users pre-paid cards, equipped with a mobile application. In theory, the technology is supposed to allow consumers to spend money over different currencies while minimizing fees and complications as a result of conversion. The organization has already established itself as one of the foremost fintech startup corporations within Great Britain, garnering an overall worth of nearly $1.7 billion USD.
They aren’t alone in their interest in the United States market, either. Square, Inc. and Twitter Inc. are both companies applying for their own banking license within the country, trying to gain access to some of the benefits it provides. The U.S. financial sector is uniquely interested in the concept of innovative fintech startups, and Revolut seems to fit the bill perfectly.
Future Of Revolut
The future of the company is heavily rooted in their ability to score this lucrative license in the coming year. According to the company’s CEO Nikolay Storonsky, the application for a banking license could be filed as early as the end of this year. The filing comes in response to the company’s interest in launching a new service with a banking partner within the United States this coming summer.
So far, it is unclear what the exact nature of this banking partnership might entail. But if the company’s track record gives any hints, it is clear that the organization might be interested in providing an easy cross-currency banking service to millions of interested partners.
A massive funding push has characterized the most recent quarter for the company. Both in geography of where they plan to offer the services and the services themselves, the fintech startup has been busy creating new opportunities to expand their business model and reach in Europe and around the world.
In particular, the company has worked to include financial services such as personal loans, crypto-banking, and small business banking. For a variety of sectors, the recent moves by Revolut have sparked notable interest in the company.
And it isn’t just traditional banking innovations offered by the corporation, either. The company has recently announced their intentions to roll-out a robo-advising product. Additionally, they have expressed their interest in the development of a commission-free trading platform.
The Revolut US Presence
Revolut already has roots in the United States, a good sign for the preliminary application for a banking license. Though only five of their 400 employees work in the United States, the company does plan to add an office in San Francisco as soon as possible.
In another hopeful development for the startup, they have won the support of several venture capitalist firms, including Index Ventures and DST Global.