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Even though Revolut’s bank charter will be with California, it will allow the lender to operate widely throughout the United States through interstate agreements, according the report.
Revolut, which raised $500 million in a fresh funding round at a valuation of $5.5 billion earlier this year, will become the latest fintech company seeking to become a regulated bank.
In March, the U.S. Federal Deposit Insurance Corp approved payment company Square Inc ‘s (N:SQ) application to become a bank under a special charter.
Earlier this year, San Francisco-based online lender Lending Club Corp (N:LC) bought Radius Bank for $185 million in part to gain a national bank charter.
Revolut declined to comment.
