US fintech unicorn Cross River Bank to power Revolut’s consumer loans
A partnership between two highly-valued startups on each side of the Atlantic.
Revolut is dialling up its American ambitions with a partnership that it says will enable a wave of consumer lending, including credit and personal loans for its US customers.
The partnership is with US fintech unicorn Cross River Bank, which was last month valued at $3bn as part of a $620m funding round.
At the moment Revolut only offers loans and credit cards in specific markets including Poland, Ireland and Lithuania, but not some of its largest markets like the UK or US.
As part of its tie-up with Cross Bank, Revolut says its US customers will soon be able to check out their borrowing rates from its app and request a loan.
Tarun Bhushan, Revolut’s US head of lending, said: “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,”
Bhushan is clear that the announcement with Cross River only covers US consumers for the time being, so UK customers wanting to borrow from Revolut will have to wait a little longer.
Loans are also only the start for Revolut’s US lending plan, the fintech teasing that “additional credit offerings” are coming soon.
Could Revolut also be planning on launching its credit card stateside? We’ll find out soon enough.