Fintech company Revolut has applied for a national bank charter from the United States Office of the Comptroller of the Currency (OCC), marking a significant step in its efforts to expand deeper into the American financial system. The move comes alongside a leadership transition, with Cetin Duransoy appointed as the company’s new U.S. chief executive officer.
Leadership transition accompanies US expansion push
Revolut confirmed that Cetin Duransoy will take over as U.S. CEO, replacing Sid Jajodia, who has moved into a new role as the company’s global chief banking officer. The leadership shift comes at a critical moment for the London-based fintech as it attempts to establish a stronger regulatory and operational presence in the United States.
Duransoy will be responsible for leading the firm’s U.S. strategy, regulatory engagement and operational expansion as Revolut seeks to transform its American business from a fintech platform into a fully regulated banking entity.
Jajodia’s transition to the global banking role reflects Revolut’s broader ambition to scale its regulated banking operations across multiple jurisdictions.
OCC charter would transform US operations
An OCC national bank charter would allow Revolut to operate as a regulated U.S. bank under federal supervision, giving the company greater control over its financial services infrastructure.
Currently, many fintech firms rely on partnerships with licensed banks to offer financial services such as deposits, payments and lending. Obtaining a national charter would allow Revolut to provide these services directly, potentially improving efficiency and reducing reliance on third-party banking partners.
The charter would also enable Revolut to expand its product offering in the United States, including deposit accounts, lending products and broader payment services.
However, securing an OCC charter is a complex and lengthy regulatory process, requiring fintech companies to meet strict capital, governance and compliance requirements.
Strategic importance of the US market
The United States represents one of the world’s most competitive and lucrative financial markets. For Revolut, successfully establishing a licensed banking presence in the country could significantly accelerate its global growth ambitions.
Revolut has already built a strong international presence across Europe and several other regions, offering services that include digital banking, payments, cryptocurrency trading and wealth management tools.
Expanding its regulated banking footprint in the United States would allow the company to compete more directly with both traditional banks and emerging digital finance platforms.
The move also reflects a broader trend in the fintech industry, where companies are increasingly seeking banking licences to strengthen regulatory credibility and expand product capabilities.
Fintech sector shifts toward regulation
Over the past decade, many fintech firms have prioritised rapid growth and innovation. However, the industry is now entering a phase where regulatory integration is becoming increasingly important.
Obtaining formal banking licences can provide fintech firms with greater stability, stronger customer trust and expanded access to financial infrastructure.
For Revolut, the OCC charter application represents a strategic milestone in its transformation from a fast-growing fintech platform into a fully regulated global banking institution.
If approved, the licence could significantly reshape the company’s position in the United States and strengthen its role within the global digital banking sector.
Newshub Editorial in Europe — March 12, 2026
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