Revolut applies for bank charter in the US

London-based fintech startup Revolut has announced that it is applying for a bank charter in the U.S., TechCrunch reports The company has submitted a draft application with the FDIC and the California Department of Financial Protection and Innovation.

If the company manages to get a charter in California, it would let the company operate throughout the U.S. as an independent bank. The discussions are still ongoing, which means it could take a while before the authorities grant a charter to the company.

Read more: TechCrunch