Revolut has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national bank charter.
The approval is a first step towards the proposed Revolut Bank US.
Revolut still needs sign-off from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, with a final OCC review, before the bank can launch.
“Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans,”
said Nik Storonsky, founder and chief executive officer of Revolut.
“We’re grateful for the OCC’s open and transparent dialogue throughout this process. They were both diligent and expedient with our application, allowing us to remain on track for a 2027 launch of our proposed national bank,”
said Cetin Duransoy, chief executive officer of Revolut US.
Once fully licensed, Revolut Bank US would let American customers access loans, credit cards and FDIC-insured deposits directly.
It would also offer stablecoins and cryptocurrencies.
Revolut currently serves its US customers through partner banks.
It is targeting a 2027 launch for the proposed bank.
The US charter bid builds on Revolut’s wider push across the Americas.
The company has launched its first bank outside Europe, in Mexico.
It is also pursuing separate banking licences in Brazil, Colombia, Peru and Argentina.
The goal is a connected financial network across the region.
Elsewhere, Revolut has added a run of licences through 2026, including a full banking licence in France, a banking licence in Australia, a full banking licence in the UK, and a payments licence in the UAE.
A banking licence application in South Africa is progressing.
The company said it remains on track to reach 100 million customers by mid-2027.
Featured image: Edited by Fintech News Switzerland, based on image by vecstock via Magnific
