The British digital bank Revolut is taking another step in its expansion strategy, now in the world's largest financial market. And as has become usual in recent months, this path is once again intertwined with that of another player in the sector: Nubank .
The company announced on Thursday, March 5th, that it had filed an application to obtain its banking license in the U.S. market with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation of the United States .
“The United States is a fundamental pillar of our global growth strategy,” said Nik Storonsky , co-founder and CEO of Revolut, in a statement. “The application for a national banking license is an important milestone toward our vision of building the world’s first truly global banking platform.”
The announcement of this new step was accompanied by the appointment of Cetin Duransoy as the new CEO of the company's US operations. He will replace Sid Jajodia, who will remain as Revolut's global head of banking operations.
With over two decades in the finance, payments, and technology sectors, and leadership roles at Capital One and Visa , Duransoy most recently served as CEO of the fintech marketplace Raisin. In that role, he expanded the platform to more than 90 banks and credit unions.
Under the new leadership and with the acquisition of a banking license in the United States, Revolut will be able to create better products faster, as well as connect directly to local market systems, bringing greater speed, reliability, and cost-effectiveness to its operations.
Regarding its portfolio, the digital bank stated that the license will allow it to directly offer insured deposits to customers in the United States, in addition to personal loans and credit cards, unlocking net interest margin and access to core banking revenues.
The new move comes just over a month after Nubank announced it had obtained conditional approval from the U.S. Office of the Comptroller of the Currency to establish a new national bank in the country, Nubank NA.
At the time, Nubank noted that the next steps would involve measures such as fulfilling specific conditions of the Office of the Comptroller of the Currency, in addition to pending approvals from the Federal Deposit Assurance Corporation of the Federal Reserve (Fed).
“This approval is not just an expansion of our operation. It’s an opportunity to prove our thesis that a digital-first, customer-centric model is the future of global financial services,” said David Vélez , founder and global CEO of Nu Holdings, at the event.
Like Revolut, in its announcement, Nubank emphasized that, once approved, the license will allow the digital bank to operate under a comprehensive federal framework, paving the way for the launch of deposit accounts, credit cards, loans, and digital asset custody in the US.
However, this is not the only coincidence between the two companies. Nubank and Revolut have been vying head-to-head for leadership in the global digital banking landscape. And this battle has translated into a convergence of markets in which both companies are investing.
In the same week that Nubank announced this advancement in the US, Revolut officially launched its banking operations in Mexico, where it had been operating in beta for about three months. The Brazilian digital bank, in turn, has been in the country since 2019, where it has a customer base of 14 million.
Colombia is another market where the two digital banks share space. Nubank also launched there first, in 2020, where it has 4.2 million customers and operates with a financing company license. Revolut is in the final stages of the licensing process in the country.
Considering all its operations, Nubank is also well ahead of Revolut. The Brazilian digital bank ended 2025 with 131 million customers, a 15% increase over 2024. Meanwhile, the British fintech has a current base of 70 million and aims to reach 100 million by 2027, in 70 countries.
One detail stands out in this account. Today, Nubank's operations are practically concentrated in three countries – Brazil, Mexico, and Colombia. Revolut, on the other hand, is present in 40 global markets.
However, in another aspect, the valuation of the two digital banks, Revolut, valued at US$75 billion in a secondary funding round held in November, currently surpasses Nubank, listed on the New York Stock Exchange, with a market value of US$72.7 billion.
In its search for shortcuts to expand its operations and shorten these distances, Revolut even considered acquiring a small bank in the United States as an alternative to circumventing the licensing process. But it backed away from that intention.
“Having fewer intermediaries reduces costs, having our own balance sheet with deposits allows for a better credit financing model and therefore a better economic model to expand our relationship with clients,” Sid Jajodia, then CEO of that operation, told The Wall Street Journal .
According to the executive, Revolut has earmarked $500 million for its growth in the US, out of a broader global budget of $13 billion for the next five years. In addition to capitalizing the bank in the country, these resources will be applied to hiring, R&D infrastructure, and marketing.
