Revolut's US bank aims to offer FDIC-insured products, stablecoin

By Tatiana Bautzer

NEW YORK, June 3 (Reuters) - Britain's Revolut new bank in the U.S. is expected to offer FDIC-insured products such as high-yield investment and checking accounts, according to Cetin Duransoy, the recently appointed U.S. CEO. 

U.S. clients will also have access to stablecoins, deposits in different currencies and trading in stocks or crypto currencies. The fintech firm applied for a U.S. national bank charter in March.   

Duransoy expects Revolut to start operating its U.S. bank next year, with headquarters in Stamford, Connecticut, and an office in New York, he told Reuters in an interview on Tuesday. 

Revolut has 75 million clients globally, of which 1 million are U.S.-based. Most of them knew the fintech from experiences in other countries, either in Europe, Latin America or Asia. 

The first target will be clients with international needs, as the app offers services in more than 30 currencies. "We'll begin by focusing on business and retail customers that need multiple currencies, such as dollars, rupees or Latin American currencies", Duransoy added. 

Clients will have access to ATM networks, but the bank will not have any branches. Revolut reported 4.5 billion pounds ($6 billion) in revenue and 1.3 billion pounds ($1.75 billion) in net profit last year. The company is still private and was valued at $75 billion in its latest funding round. CEO Nik Storonsky has publicly said Revolut will not seek to list its shares before 2028.

($1 = 0.7428 pounds)

(Reporting by Tatiana Bautzer; Editing by Ronojoy Mazumdar)