Working With Cross River Bank, Revolut Expands Its Footprint in the U.S. Market

Revolut Ltd. continues its expansion in the United States, announcing on Friday it is partnering with technology infrastructure provider Cross River Bank to expand access to financial services to Revolut customers in the U.S. and enable Revolut to scale and expand across business verticals in the country, including credit. 

As part of the deal, Cross River will make it possible for London-based Revolut to make consumer loans available to its customers in the U.S. Revolut customers will be able to take out a loan with no origination fees, prepayment penalties, or late fees, the company said. Consumers can check interest rates on available loans through the credit tab in their Revolut app without impacting their credit score, then request the loan amount and length of the loan they desire in the app.

A 7-year-old fintech, Revolut offers products including mobile banking, remittances, card-based payments, and foreign exchange.

“At Cross River, we’re always looking for new and innovative ways to provide access to credit,” Adam Goller, executive vice president and head of fintech banking at Cross River, says in a prepared statement. “Our partnership with Revolut is instrumental in facilitating responsible financial solutions to consumers, and we’re excited to be powering Revolut’s U.S. expansion.”

Cross River provides embedded payments, cards, lending and crypto solutions to consumers and businesses.

Earlier this year, Revolut began enabling customers in the United States to transfer money to bank accounts in Mexico, fee-free within 30 minutes. U.S. customers can make 10 international transfers per month to any bank account in Mexico. Last March, Revolut launched business accounts in all 50 states and submitted an application to the Federal Deposit Insurance Corp. for a banking license.

Revolut launched in the U.S. in 2020 with an app that allows consumers to obtain either a plastic or virtual debit card, freeze or unfreeze or otherwise control the card from a mobile phone, convert from one currency to another, and flow wages directly into the account. The company’s money-transfer and exchange services are also available throughout Europe. 

“At Revolut, we’re building the world’s first global financial super app, so the move into credit and personal loans is a natural next step,” Tarun Bhushan, Revolut’s U.S. head of lending, says in a prepared statement. “Revolut has developed technology to provide loans instantly to approved customers, with no origination fees.” 

Revolut, which launched in 2015, has more than 18 million customers globally that make more than 150 million transactions a month.