Revolut Wins Conditional US Banking License
Revolut Wins Conditional US Banking License
The News
Revolut, the London-based fintech, has won conditional approval from the Office of the Comptroller of the Currency for a US national bank charter — its first real step toward operating as a full-fledged American bank.
The approval is preliminary. Revolut still needs sign-off from the Federal Reserve and the Federal Deposit Insurance Corporation before it can offer new products and services to US customers.
Founder and chief executive Nik Storonsky called it "an important first step."
Timeline
Revolut files its US bank charter application, around the same time it gets the all-clear to launch its bank in the United Kingdom after a long wait for approval.
The OCC grants preliminary conditional approval of the charter. Reuters, the Financial Times and The Independent report the decision.
Reactions
Storonsky said the conditional approval "gives us the foundation to build in the world's largest financial market and bring the full Revolut experience to millions of Americans."
The Financial Times described the OCC decision as a milestone for the UK fintech's American expansion.
What's Next
The Federal Reserve and the FDIC must both approve the application before Revolut can launch new US banking products. Revolut says it plans to open the US bank next year, according to The Independent.
How long those reviews will take, and whether either regulator attaches conditions beyond the OCC's, is not yet known.
More
Revolut counts roughly 80 million customers worldwide and says it could reach 100 million by mid-2027 on its current trajectory. It had 13 million UK customers using foreign exchange, international spending and investment features before it secured a full UK banking licence — which now lets it offer accounts to people and businesses and opens the door to loans and credit cards.
The company wants to repeat that playbook in the US, where it plans to offer access to cryptocurrencies and stablecoins alongside standard banking products. A full US licence would put it in direct competition with traditional American retail banks on deposits and lending.
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