Revolut taps Cross River to launch credit and personal loans in United States
“At Revolut, we’re building the world’s first global financial superapp so the move into credit and personal loans is a natural next step.”
Revolut has chosen Cross River Bank to build and scale its business in the United States using the embedded platform’s technology and regulatory infrastructure.
The partnership will open up the first U.S.-based consumer personal loans for Revolut customers, with additional credit offerings slated to launch in the coming months.
The global financial superapp currently caters to more than 18 million customers worldwide, but the US comes as the ultimate challenge for the startup which has taken the world by storm in recent years.
Moving into credit and personal loans is a natural next step
Adam Goller, EVP, Head of Fintech Banking at Cross River, said: “At Cross River, we’re always looking for new and innovative ways to provide access to credit. 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.”
Tarun Bhushan, Head of Lending at Revolut US, commented: “At Revolut, we’re building the world’s first global financial superapp so the move into credit and personal 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’re thrilled to partner with Cross River to offer U.S. consumers an even more diverse range of financial services with the launch of our intuitive and hassle-free personal loan product.”
Revolut’s US operation will leverage to further expand across the country and scale across business verticals 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 in their Revolut app without impacting their credit score. They can then seamlessly request the loan amount and term they need to accomplish their goals directly in the app.
The startup offers near-instant, same-day loan funding as well as automatic loan payments with the AutoPay feature. All U.S. consumers will be able to apply for a Revolut loan in the coming months.
Revolut, which offers banking and trading services through an app, raised $800 million last year in a funding round that valued the firm at $33 billion. This valuation was a sixfold increase compared to nearly $5.5 billion the UK firm was worth in 2020.
Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.
