Revolut plans to broaden its U.S. business to gather deposits, make loans, issue credit cards and facilitate payments.

Revolut, which has about 70 million clients ‌in 40 markets, is setting its sights on the lucrative U.S. market. If its applications are approved by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, Revolut plans to broaden its U.S. business to gather deposits, make loans, issue credit cards and facilitate payments. Sign up here. "The United States is a key pillar of our global growth strategy," Revolut ⁠Founder and CEO Nik Storonsky said in a statement. He said its presence in the U.S. will be important for the fintech to reach a goal of 100 million customers globally. Revolut is expected to invest $500 million in the U.S. over the next three to five years, including the capital for the new bank, marketing and hiring, Sid Jajodia, the company's outgoing U.S. chief executive, said in an interview. Jajodia will serve as the company's global chief banking officer as Duransoy takes the helm in the U.S. The fintech, which sponsors the Audi Formula 1 team, soccer teams and music festivals, intends ‌to ⁠look for similar opportunities in the U.S. to promote its brand. Its strategy in Europe and other markets has been to attract customers using it as a secondary bank account for services including payments and foreign exchange transactions, then woo them with perks like subscriptions, Jajodia said. Jajodia declined to comment on the timing of any initial public offering by ⁠Revolut, noting that there is capital available in private markets. The company completed a secondary share sale valuing it at $75 billion in November. Revolut's U.K. bank is operating under some restrictions in a mobilization phase because ⁠of its size, Jajodia said. Revolut has 12 million clients in the U.K. and its global operations are carefully monitored by regulators, he said. Other banks that went through a similar regulatory process were much smaller, he said. Reporting by Tatiana Bautzer and Lananh Nguyen; Editing by Tom Hogue Our Standards: The Thomson Reuters Trust Principles., opens new tab Tatiana Bautzer is a U.S. banking correspondent at Reuters in New York. She previously covered banks in Brazil, breaking news on deals by major global corporations, initial public offerings and bankruptcies. She has also delved into corruption scandals at Brazilian conglomerates and business disputes between billionaires. Prior to joining Reuters in 2015, Bautzer worked for business magazines Exame and Istoe Dinheiro and newspapers Valor Economico and O Estado de S. Paulo. She previously served as international correspondent for Valor Economico in Washington, D.C., covering multilateral institutions and trade. Bautzer holds a B.A. in Journalism and an MBA from the University of Sao Paulo. Lananh Nguyen is the U.S. finance editor at Reuters in New York, leading coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street at The New York Times. Lananh spent more than a decade at Bloomberg News in New York and London, where she wrote extensively about banking and financial markets, and she previously worked at Dow Jones Newswires/The Wall Street Journal. Lananh holds a B.A. in political science from Tufts University and an M.Sc. in finance and economic policy from the University of London.

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