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: Revolut seeks U.S. bank charter with draft application

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U.K.-based financial-technology company Revolut announced Monday morning that it has submitted a draft application for a U.S. banking license.

The company has filed that application with the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation as it seeks to offer more financial services, such as overdraft protection and deposit accounts, to its U.S. customers.

“A U.S. banking license would ultimately enable us to provide U.S. customers with all the essential financial products and services they can expect from their primary bank including loans and deposits,” Chief Executive Nik Storonsky said in a release.

A number of financial-technology companies have been seeking bank charters as a way to offer a broader array of financial services in-house while dealing with more uniform national regulation. Social Financial Inc., also known as SoFi, announced earlier this month that it plans to purchase a small community lender in order to speed up the process of getting a bank charter. Square Inc.’s
SQ,
+0.86%

industrial bank began operations at the start of the month.

Don’t miss: Five things to know about SoFi as it goes public

Revolut already applied for a U.K. banking license, according to the company’s release, and it was granted an E.U. banking license in Lithuania in December 2018, which allowed it to start offering banking services in Central Europe.

The company also announced Monday that it was bringing its business-account offering to the U.S., which will allow businesses to issue corporate cards and make free money transfers in 29 currencies at the interbank exchange rate.

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