“At Revolut, we’re building the world’s first super global financial app, so moving into personal credit and loans is a natural next step.”
Revolut chose Cross River Bank to grow and expand its business in the US using the integrated platform’s technology and regulatory infrastructure.
The partnership will open the first US-based personal consumer loans for Revolut customers, with additional credit offerings expected to launch in the coming months.
The global financial super app currently caters to more than 18 million customers worldwide, but the United States is the ultimate challenge for the startup that has taken the world by storm in recent years.
Adam Goller, EVP, Head of Fintech Banking at Cross River, said, “At Cross River, we are always looking for new and innovative ways to provide access to credit. Our partnership with Revolut is key to facilitating responsible financial solutions for consumers, and we are excited to propel Revolut’s expansion into the United States.
Tarun Bhushan, Head of Loans at Revolut US, commented: “At Revolut, we are building the world’s first global financial super app, so moving into personal credit and loans is a natural next step. Revolut has developed technology to provide loans instantly to approved customers, with no origination fees – so customers can get the credit they need, when they need it. We are thrilled to partner with Cross River to offer US consumers an even more diverse range of financial services with the launch of our intuitive, hassle-free personal loan product.
Revolut’s US operation will leverage its expansion across the country and span all lines of business, including credit. This means that Revolut customers will soon be able to take out a loan without worrying about late fees, origination fees and prepayment penalties.
Customers can check their rates through the credit tab of their Revolut app without impacting their credit score. They can then seamlessly request the loan amount and term they need to achieve their goals right in the app.
The startup offers near-instant same-day loan funding as well as automatic loan payments with the AutoPay feature. All US consumers will be able to apply for a Revolut loan in the coming months.
Revolut, which offers app-based banking and shopping services, raised $800 million last year in a funding round that valued the company at $33 billion. That valuation has increased sixfold from the nearly $5.5 billion the British company was worth in 2020.
Revolut is among a number of app-focused fintech companies looking to break into banking as they diversify their revenue streams and bring new services to existing customers.