London-based neobank Revolut has faced stiff competition in its expansion into the North American market. The digital banking firm has established itself as a major player throughout Europe, but has had to struggle with massive competition from Chime and other U.S.-based fintech players.
Now, with the help of an American unicorn, the firm will have the capacity to greatly increase its offerings, which just might be enough to set it apart from the rest of the pack. According to an announcement by the firm, it has forged a new partnership with $3-billion-valuated fintech Cross River Bank that will set the stage for consumer loans to users throughout the U.S.
Cross River Bank has already made a name for itself by providing lending infrastructure for fintech standouts such as Stripe and Coinbase. It is expected that the addition of its lending power to Revolut’s platform will enable U.S. customers to view rates and request loans with only a few taps on their smartphones.
“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,” said Revolut’s U.S. Head of Lending Tarun Bhushan.