Revolut has scrapped plans to acquire a US bank and is instead preparing a direct bid for a national banking license, in a strategic pivot that leans on Donald Trump’s deregulatory stance to accelerate its American push.

According to the Financial Times, the move marks a reversal from the fintech’s earlier merger-led strategy and underlines how UK neobanks now view Washington’s changing regulatory climate as central to their next phase of growth.

It also sets up a sharper contrast with British rivals that still see acquisitions as the quickest way into the world’s largest retail banking market.

Revolut had spent recent months scouting for a nationally chartered US bank to buy, viewing an acquisition as the fastest way to obtain nationwide lending rights.

Revolut Walks Away from Takeover Plan

A deal would have handed the group an existing charter and instant passporting across all 50 states, avoiding the long and uncertain process of applying on its own.

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The US push comes while Revolut’s banking ambitions at home remain constrained. The Bank of England recently granted the group a UK banking licence after a tense three-year process, but the authorisation carries tight restrictions.

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The approval limits the banking division to holding only £50,000 in total deposits, a cap that effectively prevents Revolut from scaling a full-service UK balance sheet in the near term.

Similarly, Revolut recently filed for a full banking license in Peru, deepening its expansion into Latin America amid intensifying competition among global fintechs vying to serve the region’s underbanked, mobile-first consumers.

Additionally, the fintech giant announced that it is in talks to acquire FUPS, a Turkish digital bank, as part of its strategy to expand into Turkey’s fast-growing and dynamic banking sector.

Revolut Walks Away from Takeover Plan

The US remains a complex regulatory landscape despite the policy shift in Washington. State regulators hand out local licenses, while the OCC supervises national charters, creating overlapping regimes that foreign entrants must navigate.

Historically, national license applications involved intensive scrutiny and long timelines, which made some digital banks think twice about a direct bid.

Fresh data show that tech-focused financial firms are testing the OCC’s new posture. In 2025, there were 14 applications for a de novo national trust bank charter, many from fintechs seeking limited-purpose banking status.