TechFlow News, January 23: According to the UK’s Financial Times, European fintech company Revolut has abandoned its plan to acquire a U.S. bank and instead opted to apply directly for a U.S. banking charter. The company is currently in discussions with U.S. regulators regarding its application through the Office of the Comptroller of the Currency (OCC), hoping to expedite the approval process under the Trump administration’s deregulatory policies.
Previously, Revolut had planned to acquire a U.S. bank to enable lending operations across all 50 states. However, it now believes such an acquisition could face numerous obstacles—including the potential need to maintain physical branch locations and the requirement for regulatory approval of ownership changes.
