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.
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.