My Guest today is Ronald Oliveira, CEO @ Revolut US.

Revolut announced some big news today! Ron and Zach sit down to talk through the news and what it means for the future of Revolut and fintech in the US.

Helpful Links:

• Revolut's US Website
• Revolut Careers
• Ron on Linkedin
• Empire Startups Website

Full Press Release:

Revolut submits application for US banking license and launches business accounts in all 50 states

• Revolut has submitted a draft application with the FDIC and the California Department of Financial Protection and Innovation to work towards obtaining a banking license.
• Revolut Business – one place to manage all things business – is launching in all 50 states.
• For a limited time, Revolut is offering a 1-month trial on its most popular business plans, Grow Company and Pro Freelancer.

San Francisco, March 22, 2021 – Revolut, the financial superapp with 15 million customers worldwide, is celebrating its one-year anniversary in the US with two major milestones – the submission of its draft application for a US banking license and the launch of Revolut Business across all 50 states. 

Revolut’s US CEO, Ron Oliviera, confirmed today that the company has submitted a draft application with the FDIC and the California Department of Financial Protection and Innovation, the first step in the process to obtain a banking license. An important part of Revolut’s plans to build the world’s first global financial superapp, a US banking license would allow Revolut to provide a broader range of financial products to US customers including overdraft protection, loans and deposit accounts. 

Revolut announced in January that it had submitted its application for a UK bank license to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). It was granted an EU banking license in Lithuania in December 2018 and has begun rolling out banking services in Central Europe. 

“A US banking license would ultimately enable us to provide US customers with all the essential financial products and services they can expect from their primary bank including loans and deposits,” Revolut co-founder and CEO, Nik Storonsky said. “We’re on a mission to build the world’s first global financial superapp, and pursuing a US banking license is an integral part of the journey.” 

Additionally, after roll-outs across Europe, amassing over 500K sign-ups globally, Revolut is bringing its innovative business accounts to the US, offering customers one place to manage all things business. Revolut Business allows companies to sign-up for multi-currency accounts in minutes, issue physical and virtual corporate cards, make free money transfers in 29 currencies to pay suppliers, partners, or employees wherever they may be – all at the interbank exchange rate. 

Business account features include free and instant money transfers between companies that are signed up for Revolut Business, foreign currency accounts that allow customers to spend like locals, as well as tools for expense and subscription management. Additionally, customers can seamlessly integrate the latest apps and services from Revolut and industry-leading external