Fintech firm Revolut has reportedly abandoned its plan to merge with a U.S. bank. According to reports, Revolut now intends to pursue a standalone banking license. The company believes obtaining a de novo banking license will be faster than acquiring an existing bank. This approach would also allow Revolut to avoid the need to maintain physical branches. The development occurred under the Trump administration, according to the report.

Fintech firm Revolut has reportedly abandoned its plan to merge with a U.S. bank. According to reports, Revolut now intends to pursue a standalone banking license. The company believes obtaining a de novo banking license will be faster than acquiring an existing bank. This approach would also allow Revolut to avoid the need to maintain physical branches. The development occurred under the Trump administration, according to the report.