British fintech Revolut has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national bank charter, moving the company closer to launching a fully fledged bank in the United States.
The approval, announced Thursday, is a major step in Revolut’s plans to establish a U.S. banking operation by the first half of 2027. The company still needs approval from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve before it can begin full banking operations.
Cetin Duransoy, Revolut’s U.S. CEO, told Reuters that the company expects to secure the remaining approvals as it prepares for the launch. The proposed bank will be headquartered in Stamford, Connecticut, with Revolut planning to inject around $95 million in capital.
“Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US,” co-founder and CEO Nik Storonsky said in a statement. He said the approval gives Revolut a foundation to build in the world’s largest financial market and bring its broader financial services to U.S. customers.
Revolut moves beyond fintech partnerships
Revolut has built its global business around smartphone-based financial services, initially focusing on currency exchange and international money transfers before expanding into a wider range of banking and financial products.
In the U.S., the company has primarily relied on partnerships with existing banks to provide services to customers. A national bank charter would allow Revolut to bring more of those services directly under its own banking operation.
The proposed U.S. bank is expected to offer checking accounts, installment loans, credit cards and foreign exchange services. Duransoy also said Revolut expects to launch a stablecoin, although the company has not provided further details about the planned digital asset.
The bank is expected to start with around 160 employees. Revolut also plans to use its operations in Europe and Latin America to support multicurrency services, an area that has been central to its appeal among international customers.
The move would give Revolut greater control over its U.S. banking products while reducing its dependence on third-party banking partners. It would also put the fintech in more direct competition with established American banks across deposits, lending, payments and credit.
U.S. expansion becomes a bigger priority
The United States has become an increasingly important market for Revolut as the company looks to expand beyond its European base.
Revolut says it now has more than 80 million customers worldwide and is targeting 100 million customers across 100 countries. The company’s rapid growth has also pushed its valuation sharply higher. A secondary share sale in July valued Revolut at about $115 billion.
The planned U.S. bank is part of a broader transformation for the company as it moves from a digital financial-services platform toward a regulated banking group with licences in several major markets.
Revolut secured a full banking licence in the United Kingdom in March, allowing it to lend to customers and compete more directly with established retail banks. The licence also provides customers with stronger banking protections.
Last month, the company received a full banking licence in France, enabling its French bank to operate alongside its Lithuanian subsidiary as two banking hubs within the European Union.
The expansion reflects Revolut’s effort to build a more integrated international banking network while maintaining its focus on digital-first financial services.
Regulatory scrutiny remains
The U.S. banking approval comes as Revolut continues to face scrutiny over regulatory compliance as it expands.
The fintech has attracted criticism in recent years over its ability to meet requirements related to fraud prevention and anti-money-laundering controls. Those issues are particularly significant as Revolut moves into regulated banking, where requirements around customer funds, lending and compliance are more demanding.
The OCC approval is conditional, meaning Revolut must meet additional requirements before the charter becomes fully effective. The company must also obtain the necessary approvals from the FDIC and Federal Reserve.
Those remaining hurdles will be closely watched as Revolut builds its U.S. banking infrastructure, commits capital and assembles its local workforce.
Still, the OCC decision represents a significant shift in Revolut’s American ambitions. Instead of primarily providing services through partner banks, the company is now laying the groundwork to operate its own U.S. bank.
Revolut’s banking expansion also comes as the company prepares for its next stage of growth. Storonsky said in April that an initial public offering was at least two years away, suggesting the fintech remains focused on expanding its business and completing its international banking rollout before entering public markets.
If Revolut secures the remaining regulatory approvals and launches as planned in 2027, its U.S. bank could become a central part of the company’s global strategy. With more than 80 million customers already using its platform, Revolut is betting that its digital-first model and strength in cross-border financial services can translate into a larger presence in the highly competitive U.S. banking market.
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Source: https://nftplazas.com/revolut-gains-conditional-us-national-bank-charter-approval/
