Revolut CEO says fintech is coming for Amex, JPMorgan in US

Revolut's CEO Nik Storonsky has made it clear that the digital bank aims to compete with industry giants such as JPMorgan Chase & Co and American Express in the United States. Speaking to Bloomberg TV, Storonsky stated that the US market's substantial liquidity is a key factor in their choice of a primary listing venue. He reiterated his intention to take Revolut public, initially through a dual listing in the UK and US, with a projected launch not before 2028.

The fintech company aims to "dominate" the US market, promising to roll out credit cards and loans once it receives a full banking charter. This would grant Revolut direct access to Federal Reserve payment systems, federally insured customer deposits, and the ability to offer personal loans and credit cards. Storonsky emphasized that Revolut's offerings will match those of Amex and JPMorgan Chase, while also including products they lack.

When JPMorgan CEO Jamie Dimon called Revolut one of the firm's biggest retail rivals in Europe, Storonsky expressed his ambition to "dominate" the US market, suggesting that consumers should view the fintech as a new JPMorgan. Revolut has more than 80 million customers worldwide and is in the process of conducting a secondary share sale valued at US$115 billion.

The company is targeting 100 million customers across 100 countries and aims for $100 billion in revenue. Storonsky revealed that Revolut is developing an artificial intelligence-powered assistant, AIR (AI by Revolut), which will enable the company to autonomously shop for customers, expected to launch in December, likely starting in the UK.

The CEO highlighted the company's technological edge, which he believes allows for global expansion through innovation and lower fees, ultimately pressuring traditional banks to reduce pricing and innovate.