Fintech Giants Revolut and World Liberty Financial Seek US Banking Licences in 2026

Fintech firms are pushing deeper into traditional banking territory. Companies like Revolut and World Liberty Financial have now applied for US banking licences in early 2026. This move marks another step in opening up financial services beyond conventional banks.

The shift comes as digital wallets and fintech platforms expand their offerings beyond payments. Savings accounts, loans, and cross-border transactions are becoming more accessible to both consumers and businesses.

In January 2026, Revolut announced plans for a de-novo US banking licence through the Office of the Comptroller of the Currency (OCC). World Liberty Financial followed earlier in the month with its own application. Both face strict requirements, including 12 months of secure operations, federal oversight, and compliance with anti-money laundering laws. Opposition from US banking associations adds another hurdle, as traditional lenders resist non-bank competitors.

Digital wallets already dominate global spending, with platforms like Venmo, Apple Pay, and Alipay handling 83% of digital transactions. User numbers are set to hit 6 billion by 2030. Cross-border payments, including remittances, are a key driver, helping consumers and small businesses move money faster and cheaper.

Beyond payments, fintechs are now offering deposits, loans, and interest-bearing accounts. This expansion could help unbanked consumers access savings and credit. Small businesses may also gain from alternative lending options, reducing reliance on traditional banks.

Globally, firms like Qonto, Mercado Pago, and Neema are following a similar path. While traditional banks will remain central, collaboration with fintechs is likely to grow. The trend reflects a broader push to democratise finance, making services available to more people and businesses.

The push for banking licences signals a major shift in how financial services are delivered. If approved, fintechs could provide more competition in lending, savings, and cross-border payments. For consumers and small businesses, this may mean wider access to tools once limited to traditional banks.