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Revolut’s CEO Says US Banks Are ‘Out of Step’ With Global Consumers | Global Finance Magazine Revolut US Bank Expansion: CEO Cetin Duransoy Interview

Home Banking Revolut’s CEO Says US Banks Are ‘Out of Step’ With Global Consumers

Revolut US CEO Cetin Duransoy reveals plans to target globally minded and “underbanked” Americans as it builds toward becoming a primary bank.

After receiving conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter, Revolut Technologies Inc. appears ready to launch a full-scale challenge to traditional banks and fintechs in the United States.

After relatively quick growth in France, Spain, and Italy, Revolut aims to bring its superapp model to the U.S., where it doesn’t exist in quite the same form.

Revolut’s U.S. CEO, Cetin Duransoy, who has held senior roles at Raisin, Fundbox, Visa, and Capital One, spoke with Global Finance about Revolut’s plans for the American market. 

Global Finance: In the US, banks, fintechs, brokerages, travel products and payment apps are mostly separate. Does that surprise you? Do you see a genuine hole in the U.S. market for a company that combines all those relationships in one place?

Duransoy: It’s not surprising, given how complex these products are and how crowded and fragmented the U.S. market is. Layer on the regulatory process, and combining all these product suites—banking, brokerage, FX, crypto, travel, and more—into a single company or app becomes genuinely difficult and, for most companies, not worth the effort.

We believe you need a genuinely differentiated product to succeed in this market, and we have identified an opportunity here. By bringing all these products into one platform, we can remove the friction customers typically experience when cobbling together services from multiple providers.

GF: People often say, “The U.S. banking market is different.” Different how, exactly? And how might those differences affect Revolut?

Duransoy: The US’s fragmented, charter-based regulation can be more cumbersome than the EU’s passporting model, and U.S. customers tend to rely more on credit than their European counterparts. But the U.S. provides certain advantages, including the U.S. card network and interchange system, which subsidize rewards; FDIC insurance; and consumer-protection laws, which create a trust threshold.

Our broad product offering, 80-million-user global network, and strong global brand allow U.S. to cater to the distinct challenges of the U.S. market and understand the challenges of U.S. distribution costs. By obtaining a national bank charter, we will be on par with traditional banks, with direct Fedwire/ACH access and lending capability.

GF: When Revolut enters the U.S. market more aggressively, should Americans expect something close to the European Revolut experience—or will the U.S. product necessarily look much more like a traditional American bank competing on deposits, credit cards and lending?

Duransoy: We are always focused on product-market fit for our customers, and the U.S. will be no different. We’ve publicly shared that we will bring the best of what Revolut offers and provide the products U.S. customers want most, including checking accounts, credit cards, installment loans, FX, and stablecoins. We’ll continue innovating to deliver a distinct, more productive experience for U.S. customers.

GF: One of the things that makes Revolut unusual in Europe is that it sits at the intersection of finance, travel and lifestyle. Is that model central to how you think about the US, or is America more of a banking opportunity?

Duransoy: Yes. Combining our lifestyle products with the financial services that have made Revolut so popular remains central to our thinking. And they’re a key differentiator in many of our markets. We expect these offerings to help make us a top-of-wallet card and strengthen customer retention.

GF: Why should someone with Chase, Amex, Venmo, Robinhood, and a good travel card move meaningful parts of their financial life to Revolut? What can you offer that those companies, individually or collectively, do not?

Duransoy: We recognize that inertia is a strong force when it comes to financial services and that a customer’s bank holds critical parts of their financial life, such as their mortgage or direct deposit.

What we offer is the ability to consolidate multiple products and services into a single interface and remove the friction our customers find frustrating with other services. Revolut’s broad-based platform allows customers to seamlessly access multi-currency spending without foreign transaction fees, instant global P2P, a combined debit/credit product, budgeting, digital assets, and investing, all without transferring funds between platforms or managing multiple accounts. That’s especially valuable for people who travel internationally, have cross-border family ties, or are underserved by traditional credit underwriting.

GF: Which types of lending will Revolut prioritize in the US?

Duransoy: We intend to initially prioritize unsecured and secured credit cards and installment loans.

GF: What does Revolut understand about the consumer relationship that you think many American banks and fintechs still lack?

Duransoy: We treat our global app as the product. We iterate quickly, aim for gamified engagement, and offer frequent feature releases, in contrast to most U.S. bank apps, which have slower release cycles.

We also build for financial lives that span borders and currencies, rather than assuming a single-currency, single-country customer. American banks were largely built for a domestic customer, and that assumption is increasingly out of step with a more mobile, globally connected population.

GF: Do you think Revolut is underestimated in the US? If so, why? Among those who are aware, what do people in the U.S. most commonly misunderstand about Revolut right now?

Duransoy: “Underestimated” is probably right now, largely because our independent U.S. bank doesn’t exist yet. So we’re still seen as a “European neobank” by most Americans. That undersells what we’ll be once we have a full national charter, FDIC insurance, and our full lending capabilities live.

The most common misunderstanding among those who do know the brand is that we’re simply a fintech or a travel debit card, rather than a company with an 80-million-user global base—including 1.4M in the US—and banking licenses now spanning the UK, France, Australia, Mexico, and more.

GF: Are you coming to the U.S. to compete for a small slice of the market, or do you ultimately believe Revolut can change what Americans expect from a bank?

Duransoy: In the US, our near-term goal is to compete for market share. No new entrant can reshape what an entire country expects from a bank on day one. That takes years of trust-building, especially post-charter, when FDIC insurance and regulatory scrutiny are new territory for us.

What we’re looking to do is win the demographics best suited to us, namely the internationally minded, underbanked-by-incumbents, and digitally native users.

GF: On the corporate side, what are Revolut’s corporate banking plans?

Duransoy: Revolut Business exists—and is a core focus for us—in the U.S. We expect this to continue and are excited to launch merchant acquiring within the first years of becoming a bank.

GF: If we revisit this in three years, what would need to be true for you to say that Revolut has successfully become a major U.S. bank?

Duransoy: Within three years, we expect to be a fully operating bank with real momentum. We won’t share specific customer or product numbers today, but we’re building for scale and a sizable U.S. customer base that treats us as their primary bank, not a secondary account. That’s the bar we’re setting for ourselves.

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Oil prices rise as bond sell-off hits global markets

International crude oil prices climbed further on Tuesday morning amid uncertainty over US-Iran talks, as hopes of reopening the Strait of Hormuz, a waterway crucial to oil shipments, faded.


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Hopes that Middle East tensions would ease were dashed at the weekend when Donald Trump rejected Iran’s offer of a seven-day truce.

Mediators are working with the US and Iran on a deal to end the fighting and reopen the Strait of Hormuz, officials told the Associated Press. The disruption to shipping through the waterway has affected global trade and added to inflation.

Iran has proposed reopening the strait if the US lifts its blockade of Iranian ports and eases sanctions, among other conditions. Washington says any deal must also address Iran’s nuclear programme. Officials said the two sides disagree over the timing of concessions and who should act first.

Brent crude, the international benchmark, gained nearly 2% and traded above $107 a barrel early Tuesday, well above its price of roughly $72 a barrel in late February before the Iran war.

US West Texas Intermediate crude rose 1.8% to more than $94 a barrel.

High oil prices have renewed inflation concerns and expectations that the Federal Reserve will raise interest rates again next month. Government bond prices have fallen as a result, pushing yields to multi-year highs.

The benchmark 10-year US Treasury yield rose above 5.27% on Monday, its highest level in 19 years, following a rise of nearly half a percentage point through September. Yields rise when bond prices fall, and this month’s sell-off is the heaviest in two years.

The US two-year yield has risen even further, climbing by more than 0.57 percentage points this month to nearly 5%. In Europe, Germany’s benchmark 10-year bond yield reached 3.62%, its highest level since June 2009.

Government bond yields help set borrowing costs across the economy, from mortgages to company loans. As yields rise, governments, businesses and households face higher costs, while stocks can become less attractive to investors.

In Japan, a 40-year government bond auction drew its strongest demand since 2020 as relatively high yields attracted investors, according to Bloomberg.

Stock markets also struggled after all three main Wall Street indexes fell on Monday.

In Europe, Tuesday’s open showed a mixed reaction.

The Euro Stoxx 50 was flat in early trading while the broader pan-European Stoxx 600 traded 0.2% higher.

The UK’s FTSE 100, Italy’s FTSE MIB, Spain’s IBEX 35 and the Netherlands’ AEX all traded between 0.1% and 0.2% higher than their Monday close.

However, France’s CAC 40 and Germany’s DAX 30 both dropped about 0.5%.

Over in Asia, Japan’s Nikkei 225 lost 1.3%, South Korea’s Kospi declined 0.9% and Hong Kong’s Hang Seng dropped 0.6%. Hong Kong-traded shares of Shein fell 11.7% after the online retailer reported a 67% fall in quarterly adjusted net profit from a year earlier.

The Shanghai Composite was little changed following a report from China’s official Xinhua News Agency late Monday that its State Council had discussed ways to make economic policies more effective.

Australia’s S&P/ASX 200 was down more than 0.1% by early morning in Europe.

Australia’s central bank raised its key interest rate by 0.25 percentage points to 4.6% on Tuesday, a 15-year high, as rising oil prices fuelled inflation. The Reserve Bank said higher fuel costs were pushing up prices across the economy, while growth and inflation had been stronger than expected.

The US dollar edged up to 157.42 Japanese yen from 157.39 yen. The euro fell to $1.1362 from $1.1371.

Gold remained near $4,160 after steep losses on Monday, as expectations of further rate rises weighed on the metal, which pays no interest.

Investors are also awaiting key US inflation and jobs data this week that could influence the Fed’s next decision. Markets are pricing in another rate rise at the end of October.

Additional sources • AP

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Precision Optics forecasts $30M-$33M fiscal 2027 revenue amid temporary 40% Q1 satellite reduction (NASDAQ:POCI)

Earnings Call Insights: Precision Optics Corporation, Inc. (POCI) Q4 fiscal 2026

Management view

  • “Fiscal 2026 was a year of transformation for Precision Optics. We began the year with strong production demand and considerable work to prepare for higher volume production with

Seeking Alpha’s Disclaimer: This article was automatically generated by an AI tool based on content available on the Seeking Alpha website, and has not been curated or reviewed by humans. Due to inherent limitations in using AI-based tools, the accuracy, completeness, or timeliness of such articles cannot be guaranteed. This article is intended for informational purposes only. Seeking Alpha does not take account of your objectives or your financial situation and does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.

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Vail Resorts projects $805M-$865M FY 2027 resort EBITDA as it plans to recapture demand through lift tickets (NYSE:MTN)

Earnings Call Insights: Vail Resorts (MTN) Q4 2026

Management View

  • “Looking back at fiscal 2026, while it was an exceptionally challenging weather year, it also demonstrated the resilience of our business model” (CEO & Executive Chairman Robert Katz) and “our advanced commitment strategy and resource efficiency transformation

Seeking Alpha’s Disclaimer: This article was automatically generated by an AI tool based on content available on the Seeking Alpha website, and has not been curated or reviewed by humans. Due to inherent limitations in using AI-based tools, the accuracy, completeness, or timeliness of such articles cannot be guaranteed. This article is intended for informational purposes only. Seeking Alpha does not take account of your objectives or your financial situation and does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.

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UBS $125M Fine Signals Crackdown on AML Gaps

A record fine on the Swiss bank highlights U.S. regulators shifting focus to fill anti-money laundering gaps.

This article appears in the October issue of Global Finance Magazine.

A record $125 million fine handed out to UBS by U.S. regulators in August could herald increased scrutiny of banks.

How banks react to stricter compliance with anti-money laundering laws will be key as U.S. foreign policy and enforcement go together.

“As sanctions and tariffs continue to define U.S. foreign policy, this trend will likely continue. The U.S. and European banks are intertwined the most with the global economy, so the probability of them being under increased scrutiny is likely,” said Salar Ghahramani, associate professor of business law and international law & policy at Penn State Abington.

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) settlement resolves allegations made by the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority.

Johann Scholtz, senior equity analyst for Morningstar, suggests that the fine is a result of the market that the Swiss bank targets. 

“These banks are particularly exposed to the risk of fines and regulatory intervention just by virtue of their business model. Banking, politically connected individuals, banking high-net-worth people, I think it exposes them to particular risk from an anti-money laundering perspective,” Scholtz said.

The fines were for not sufficiently monitoring 61,500 foreign exchange transactions and not flagging suspicious activity. The record amount is partly because UBS Group AG was fined $14.5 million in 2018 for similar activities with regulators discovering that remedial action had not been taken. 

“The 2018 fine may have convinced the UBS board that they were standing on very shaky PR and legal grounds due to the previous track record, likely propelling them to agree to the terms of the fine,” added Ghahramani.

Outcome-Focused Compliance

Although there is no current political push to modify AML laws, the UBS judgement may constitute shifting priorities by U.S. regulators.

 “The direction of AML regulations in the U.S. seems that it’s becoming more outcome-focused and less of a tick-box exercise. They really want banks to prove that they have a robust system in place rather than just ticking boxes,” Scholtz said.

How can banks protect themselves? By updating their risk management systems to ensure compliance through internal audits. The technical description of UBS’ settlement was unduly specific. Blaming an error in AML surveillance data feeds, a lack of verification of account holder addresses, no reliable unique identifier to match transactions, an absence of any exception queue and errors in the Excel spreadsheet used for foreign exchange transfers

“The announcement brings closure to this legacy matter. UBS has cooperated fully with its regulators and has made significant investments to remediate and strengthen its AML program in line with leading industry practices,” A UBS spokesperson said. 

Nic Wirtz is a contributing writer based in Guatemala.

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EU pushes China to accept import quotas in bid to rebalance trade

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Brussels and Beijing are fighting over quotas that would limit Chinese imports to the EU market, as the Europeans seek to rebalance their trade relationship with China, Euronews has learned.


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Both started intense negotiations last June over EU and Chinese access to each other’s markets, with an October deadline set by the European Commission to reach “tanglible” results. However, China is pushing hard against the EU’s attempts to protect its market.

According to one person familiar with the matter, the Commission, which is negotiating on behalf of the 27 EU countries on trade issues, wants China to accept quotas on specific products.

However, it is unclear how China would accept and respect such quotas.

Trade defence mechanisms delayed

According to media reports, so-called “voluntary export restrictions” have been pushed by the Commission for electric vehicles. But Beijing’s trade minister rejected them in a statement earlier this month.

If China accepted such a system of restrictions, it would mean that it voluntarily limits its exports to the EU on the basis of a deal negotiated with the Commission, sparing the EU from adopting defensive trade measures that might be seen as an aggressive move by China.

Technical negotiations are in their final stretch as the October deadline is approaching.

Director General of DG Trade at the Commission, Ditte Juul Jørgensen, travelled to China last week for two days of heated discussions, and EU Trade Commissioner Maroš Šefčovič is due to be in Beijing on 8 and 9 October for political talks, ahead of a key meeting of EU leaders in Brussels.

To give negotiations a chance, the Commission has delayed the adoption of trade defence mechanisms aiming to protect the EU chemical industry, according to another person familiar with the matter. The chemical industry is one of the sectors most threatened by Chinese competition in the EU.

However, the threat also targets other sectors, making the rebalancing of the trade relationship “existential” for the Europeans, EU Industry and Trade Commissioner Stéphane Séjourné told Euronews last week.

According to the Commission, the EU already lost 250,000 industrial jobs last year, particularly concentrated in energy-intensive sectors and automotive supply chains.

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