The news: British fintech Revolut is reportedly considering acquiring a US bank to rapidly obtain a US banking license, enabling faster expansion, per The Financial Times. It will likely target a low-cost, nationally chartered bank.

The strategy: Following Revolut’s recent valuation surge and profitability, acquiring a US bank would significantly escalate its global ambitions. This would unlock direct lending capabilities and deeper integration into the US financial system and position Revolut as a comprehensive financial service provider.

It’s also considering similar acquisitions in the Middle East and Argentina—confirming aspirations of growing its global significance.

Our take: Revolut’s potential acquisition of a US bank reflects a growing trend of successful fintechs becoming banks themselves through strategic acquisition rather than merely being disruptors. PYMNTS reported that multiple fintechs—including Wise, Circle, and Ripple—also recently applied for banking licenses with the Office of the Comptroller of the Currency.

This means banks must lean into what differentiates them from the growing competition beyond charters and insured deposits, like long-standing reputations, excellent customer service, and customer-centric products and services.

Take the next step: To better understand how banks can best differentiate themselves from the growing competition, read our report “Future-Proofing Banking Through Customer-Centric Journeys.”