Revolut CEO says fintech is coming for Amex, JPMorgan in US

REVOLUT chief executive officer Nik Storonsky said he wants the digital bank to compete with firms including JPMorgan Chase & Co and American Express in the US, as well as hold a primary listing in the country if it chooses to pursue a public offering in the future.

“That was always the target, given the deep liquidity of the US market,” Storonsky said in an interview with Bloomberg TV of the listing venue. Storonsky has previously said he wants to take Revolut public, though that wouldn’t happen until at least 2028, through a dual listing in both the UK and the US. 

Storonsky, who founded Revolut, said the firm wants to “dominate” the US market and plans to roll out credit cards and loans there, once it receives a full banking charter.

Revolut, which has more than 80 million customers globally, received conditional approval in September to operate as a national bank in the US, which will eventually allow Revolut to directly access Federal Reserve payment systems, accept customer deposits federally insured up to US$250,000 per account, and offer personal loans and credit cards. 

“Our offering will be at par with Amex or JPMorgan Chase,” Storonsky said of Revolut’s plans. He said the firm would also roll out products those card giants don’t have. 

JPMorgan chief executive officer Jamie Dimon said earlier this year that he’s “jealous” of Revolut, which has become one of the US bank’s biggest retail rivals in Europe. With the doors now open for US expansion, Storonsky said he is coming for Dimon’s “dinner” and wants US consumers to see the fintech as “a new JPMorgan.”

“We want to dominate,” Storonsky said. “Otherwise, what’s the point?”

Revolut is Europe’s most valuable startup and is in the process of conducting a secondary share sale at a valuation of US$115 billion.

It offers checking and savings accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools. The fintech is targeting 100 million customers across 100 countries, and eyeing US$100 billion of revenue. 

SEE ALSO

Revolut to set up CBD office in Collyer Quay, puts S$350 million into Singapore expansion

Revolut’s rise to become Europe’s US$115 billion big bank rival

Storonsky said the company is building additional capabilities to enable its artificial intelligence-powered assistant AIR — short for AI by Revolut — to shop for customers autonomously.

Many digital firms are looking to launch that capability, known as agentic commerce, and Storonsky said Revolut is looking to test the service in December. It’ll likely roll out first in Revolut’s home market of the UK, he said.

The billionaire emphasised Revolut’s technology as a strength in its push for global scale, which he said makes it easier to expand across markets, rather than through acquisitions.

“Because of our innovation, because of our lower fees, we are forcing the banks also to slash their pricing, also to innovate,” Storonsky said. BLOOMBERG