Revolut is preparing to challenge JPMorgan Chase on its home turf with plans for a full-service digital bank and competitive credit card rewards in the US, while developing AI-powered shopping tools for customers, said CEO Nik Storonsky.
Speaking to Bloomberg in Turin, Storonsky said Revolut’s planned US credit cards would offer rewards points and benefits on par with those of JPMorgan and American Express, as the fintech sets its sights on dominating every market it enters.
“Everywhere we want to go, we want to dominate. Otherwise, what’s the point?” Storonsky said when asked whether Revolut’s US push was about winning market share or raising its profile ahead of a potential initial public offering.
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Before launching its full offering, Revolut needs to obtain regulatory approval in the US. Storonsky said the company would then focus on personalized banking, followed by credit cards and loans, before bringing its wider UK and European product range to American customers.
The firm’s target audience includes younger and more affluent consumers, expats and travelers. Although Revolut’s existing US business is limited and operates through a partner bank, Storonsky said it is already profitable and growing without significant investment.
The fintech is also developing AI shopping tools that could allow customers to delegate online purchases to agents. The technology would let AI browse websites such as Amazon while Revolut retains customers’ card details within its own systems, which Storonsky said would keep the process secure.
The company expects to begin testing the feature in December, starting in the UK before expanding across Europe. Storonsky said the wider adoption of AI agents could make conventional websites and mobile interfaces less important.
“Obviously, when you have agents doing browsing, doing shopping, it’s not that important to have a very beautiful website, a very beautiful mobile app… I think it will be important to ensure your websites and your mobile apps are compatible with agents, so agents can easily do things on your products,” Storonsky explained.
“I think we’ll see a very large shift from current kind of UI, UX-driven products to more back-end logic to ensure that agents can find anything, can access all the APIs through MCPs, can access all the data required, and so on,” he added.
He said that AI-driven automation could become far more widespread over the next five years, potentially reducing the number of people employed in digital services as agents take on work currently performed by humans.
On corporate plans, Storonsky said the US would be Revolut’s primary listing venue if it pursues an IPO, with a dual listing in the UK and US also planned.
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