The news: UK neobank Revolut has applied for a US national banking license and appointed a new US CEO. If approved for a license, it would have direct access to US core payment infrastructure and be able to offer deposit accounts, issue cards, and originate loans. Revolut plans to invest $500 million in the US as part of a $13 billion global expansion. The company was last valued at $75 billion.

Zoom out: Revolut’s charter application has long been in the works. It tried and failed to enter the US market in 2021. And in 2025, it explored securing a license by acquiring a US bank. The US market would be the latest notch in its international belt: Revolut recently acquired banking licenses in Mexico and Colombia, plans to apply for a banking license in South Africa, and will start issuing cards in India.

Trendspotting: Foreign neobanks have struggled to crack the US market, but not all have given up. Dutch neobank Bunq exited in 2024 after getting tied up in regulatory reviews, received a US broker-dealer license the following year, and in January reapplied for a banking license. UK-based Monzo reportedly plans to do the same after hitting regulatory roadblocks in 2021. There is hope: Last month, Brazilian neobank giant Nubank received conditional approval for a US bank charter.

Implications for banks: Charter applications indicate that neobanks are seeking US banking licenses to compete directly in mainstream banking—primarily targeting consumers and small businesses with a full suite of products. The US has its share of large fintechs that offer banking services and big banks that keep getting bigger. The challenge for incumbents: Today’s “new entrants” are huge. If charters are approved, competition at the top will intensify.