UK Based Digital Banking Platform Revolut Completes Its U.S. Expansion

April.03.2020

As of Tuesday, March 24, Revolut’s app-based digital-only banking platform is available to American consumers – and the Orrick team played a significant role in helping Revolut achieve this milestone.

An Orrick team led by Barrie VanBrackle advised Revolut for many months on a myriad of U.S. regulatory and payments matters in advance of its U.S. launch, including handling issues of currency conversion and establishing banking relationships with U.S. banks in order to offer financial services in the U.S., among other regulatory and compliance work. The Orrick team also advised on structuring the Revolut business and offerings in the U.S. and strategizing with respect to the various interest holders, partners and providers regarding potential relationships with Revolut.

Revolut is a UK-based fintech unicorn (currently valued at $5.5 billion) that offers an array of online and app-based banking services, including currency conversion, cryptocurrency exchange, peer-to-peer payments and pre-paid debit cards. Since its UK launch in 2015, Revolut has become a major European player in digital banking. It has raised over $800 million in funding rounds and attracted over 10 million customers across the UK and Europe.

In addition to Barrie, our US regulatory team included Parag Patel. Our UK team, who has been advising Revolut on its capital raises and on UK regulatory issues for several years, is led by Chris Grew and Jamie Moore.