Right now, it uses a partner bank to hold deposits and such. This is very common among fintechs without full banking licenses. That's how Wise and many others operate in the US.
But Revolut secured a full banking license in the US and will compete full scale in 2027.
It's a massive story and huge competitive threat, along with the payments developments (see Pix in Brazil and how payments are converging across Europe, as I note in the article), that's basically not even a story right now in the US.
It's interesting - meanwhile, Chase Bank is expanding in Europe and their CEO, Jamie Dimon, has said he's jealous of Revolut.
So much happening. If I didn't move, I'd likely have no idea.
I’m excited to hear this is coming. I have heard of Revolut before, but only through Expat groups as a way to have banking while in Europe. (I am probably way off with all that entails)
Candidly, I’m tired of feeling like I’m being controlled by the US. “You can’t do this, you can’t do that, you can’t go there, now is not a good time with the US market.“
It is about time other banking platforms change all that.
Revolut's idea is to be the first truly global bank. But they're also positioning themselves as a lifestyle brand - a superapp - alongside that ambition. It's literally happening right now around the world, with the US being one of the few exceptions... for now.
I think a driver of the difference is that in Europe “foreign” is normal: foreign travel, foreign languages, foreign currencies.
I have been around financial services and Americans for nearly 40 years. Most of them don’t have a passport, many have barely left their State, the world ends in LA or NYC.
In Europe multi-currency, travel and languages are the norm.
For an American bank, multi-currency is dollars and Canadian.
Plenty of stories to tell. Anyway my cheeky view is “genetic defect”!
I definitely agree. This is a huge part of why things are the way they are in the US. Felipe from Santander said exactly this when I asked about the challenges of the US market.
That said - two thoughts. Until Revolut, it wasn't as if European banks were innovating aggressively across borders, let alone the world (as far as I know, and Santander is an obvious exception given it's Latin America presence). And I think the picture is slowly, but meaningfully changing in the US. The segment of people who need and expect more from their "bank" (international services, FX, transfers, one stop shop) is growing enough so as banks and Fintechs can no longer ignore and underserve it. But they are. Which is why I think Revolut, bunq, and Nubank are such a threat.
European banks have been doing multi-currency like forever. Swiss banks are past masters.
Revolut have just made everything smoother and more accessible.
I can tell you that as recently as 10 years ago, a payment at JPM in anything other than USD was called an FX payments and required brain-surgery.
Sure enough, increasingly huge percentages of the younger generations are travelling internationally. Spring Break in Myrtle Beach is of course the benchmark of sophistication over the other side of the pond
Is Revolut available in the U.S. yet, even on a small scale? I can easily see people flocking to it in droves-especially “digital native” generations.
It is. But on a very small scale.
Right now, it uses a partner bank to hold deposits and such. This is very common among fintechs without full banking licenses. That's how Wise and many others operate in the US.
But Revolut secured a full banking license in the US and will compete full scale in 2027.
It's a massive story and huge competitive threat, along with the payments developments (see Pix in Brazil and how payments are converging across Europe, as I note in the article), that's basically not even a story right now in the US.
It's interesting - meanwhile, Chase Bank is expanding in Europe and their CEO, Jamie Dimon, has said he's jealous of Revolut.
So much happening. If I didn't move, I'd likely have no idea.
Wise is how I’ve navigated four currencies (dollar, pound, euro, Czech) in 2 weeks with no difficulties or confusion.
I’m excited to hear this is coming. I have heard of Revolut before, but only through Expat groups as a way to have banking while in Europe. (I am probably way off with all that entails)
Candidly, I’m tired of feeling like I’m being controlled by the US. “You can’t do this, you can’t do that, you can’t go there, now is not a good time with the US market.“
It is about time other banking platforms change all that.
Revolut's idea is to be the first truly global bank. But they're also positioning themselves as a lifestyle brand - a superapp - alongside that ambition. It's literally happening right now around the world, with the US being one of the few exceptions... for now.
I think a driver of the difference is that in Europe “foreign” is normal: foreign travel, foreign languages, foreign currencies.
I have been around financial services and Americans for nearly 40 years. Most of them don’t have a passport, many have barely left their State, the world ends in LA or NYC.
In Europe multi-currency, travel and languages are the norm.
For an American bank, multi-currency is dollars and Canadian.
Plenty of stories to tell. Anyway my cheeky view is “genetic defect”!
I definitely agree. This is a huge part of why things are the way they are in the US. Felipe from Santander said exactly this when I asked about the challenges of the US market.
That said - two thoughts. Until Revolut, it wasn't as if European banks were innovating aggressively across borders, let alone the world (as far as I know, and Santander is an obvious exception given it's Latin America presence). And I think the picture is slowly, but meaningfully changing in the US. The segment of people who need and expect more from their "bank" (international services, FX, transfers, one stop shop) is growing enough so as banks and Fintechs can no longer ignore and underserve it. But they are. Which is why I think Revolut, bunq, and Nubank are such a threat.
European banks have been doing multi-currency like forever. Swiss banks are past masters.
Revolut have just made everything smoother and more accessible.
I can tell you that as recently as 10 years ago, a payment at JPM in anything other than USD was called an FX payments and required brain-surgery.
Sure enough, increasingly huge percentages of the younger generations are travelling internationally. Spring Break in Myrtle Beach is of course the benchmark of sophistication over the other side of the pond
Multi currency yes, but nothing even close to what Revolut is doing on a broader scale.
Yep, they are in steroids, New tech has taken away many of the inbuilt obstacles aka frictions that all those using “old iron” tech have