European fintech firm Revolut plans to apply for U.S. banking license: CNBC

In this news, we discuss the European fintech firm Revolut plans to apply for U.S. banking license: CNBC.

(Reuters) – The digital banking app Revolut plans to apply for a banking charter from the Federal Reserve Bank of San Francisco and the California Division of Financial Institutions within weeks, CNBC reported here on Monday, citing people in the know from subject.

Even though Revolut’s banking charter will be with California, it will allow the lender to operate widely across the United States through interstate agreements, according to the report.

Revolut will become the last fintech company looking to become a regulated bank.

In March, the Federal Deposit Insurance Corp. approved SQ.N’s request from payment company Square Inc. to become a bank under a special charter.

Earlier this year, San Francisco-based online lender Lending Club Corp LC.N bought Radius Bank for $ 185 million in part to secure a national banking charter.

Revolut, which raised $ 500 million in a new round of funding worth $ 5.5 billion earlier this year, did not immediately respond to a request for comment from Reuters.

Report by C Nivedita in Bengaluru; Edited by Anil D’Silva

Original © Thomson Reuters Corporation

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