Revolut to go after Amex, JPMorgan with matching card perks, says CEO Nik Storonsky

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. 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 pro...