The news: Revolut is exploring paths that can help it expand in the US banking industry.
The company recently held talks with investment bankers about hiring them to advise on a potential bank acquisition, per Bloomberg.
Why it matters: This potential hiring underscores the urgency of its intent to secure a US banking license. The company's experience in the UK, which took over three years and involved a mobilization phase with strict guardrails, has likely pushed it to seek a much more efficient path.
By pursuing an acquisition, Revolut could bypass the lengthy application process and immediately gain the ability to offer critical services like loans and credit products. This move signals a strategic shift, hoping to raise $1 billion in its next funding round to buy its way into a market it's long been eyeing.
Our first take: If Revolut can successfully fast-track a US banking license, it could light the way for other fintech players to do the same. This could redefine the competitive banking landscape, making it a buy-in game rather than a build-from-scratch one.
On the banking side, nationally chartered banks could see more interest from fintechs or international firms that try to follow Revolut’s path.
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