To finalize the transition, the company must now secure authorization from the Federal Deposit Insurance Corp. and the Federal Reserve, alongside a final sign-off from the Comptroller’s office. Successfully navigating these requirements will allow the firm to expand its U.S. offerings to include traditional loans, credit cards, and deposit accounts alongside its existing cryptocurrency services.

This development marks a strategic shift for the startup, which previously abandoned plans to acquire an existing nationally chartered bank to bypass the standard licensing process. Revolut is joining a wave of financial technology firms, including Circle, Coinbase, and PayPal, that have sought formal charters to integrate deeper into the traditional banking system.

With a global user base of 80 million, the firm is aggressively scaling its international footprint. Following a secondary share sale in July that pushed its valuation to $115 billion, the company is leveraging its newfound capital to consolidate licenses across Europe, Australia, and the United Arab Emirates as it aims to cement its status as a premier global financial institution.