Revolut, the London-based neobank, has taken a major step towards establishing a stronger foothold in the US financial market by applying for a banking charter from the OCC and FDIC. The new entity, Revolut Bank US, N.A., will be backed by a $500 million commitment to expand operations. Additionally, Revolut has appointed a former Visa executive as its new CEO for the US division, signaling a serious push into the American banking landscape. This move follows their initial announcement in early 2021 about pursuing a US banking license, highlighting their long-term strategy for growth overseas.
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