Revolut, the U.K. fintech giant that offers crypto trading, filed an application for a U.S. banking license with the Office of the Comptroller of the Currency (OCC), a key step in its push to expand in the American financial system.

If approved, the license would allow the London-based company to operate more like a traditional bank in the world’s largest economy. The company said it would gain direct access to payment networks such as Fedwire and the Automated Clearing House (ACH), systems that move trillions of dollars between banks each year.

A license could also open the door to lending products, including credit cards and personal loans. Today, Revolut offers banking services in the U.S. through Lead Bank, a Kansas City-based…