Revolut is eyeing a renewed effort to secure a US banking license, marking a strategic shift in its approach to regulatory compliance and market expansion.

Speaking at an investor conference in Helsinki, Chief Executive Officer Nik Storonsky acknowledged that operating without full banking licenses had hindered the company's growth potential.

“In the US, you need to be credit driven. So in the US, we need to have a banking license to launch a product,” Storonsky said, highlighting the importance of interchange fee revenue in the American financial landscape.

Revolut Chief Signals Fresh Push for US Banking Expansion

The digital banking giant, which recently achieved a milestone of 50 million global customers, currently serves its US clientele through a partnership with Lead Bank. A previous attempt to secure a US banking charter in 2021 was suspended, but market conditions and the company's evolved strategy may now present a more favorable environment for a fresh application.

In a candid assessment of Revolut's past strategy, Storonsky admitted that the company's initial resistance to was misguided.

“For a long time I wanted to be as less regulated as possible, it was the completely wrong decision,” he explained, noting that securing licenses has become more challenging as the company has grown in size and complexity.

Meanwhile, the company has introduced its platform, Revolut X, to 30 additional markets within the European Economic Area (EEA), targeting the $200 billion market.