British fintech company Revolut has received conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national bank charter.
The decision marks a major step in Revolut’s plan to launch a fully operational US bank in 2027.
Revolut Secures Conditional US Banking Approval
Following the OCC’s conditional approval, Revolut still needs authorization from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve before launching its US banking operations.
Cetin Duransoy, Revolut’s US CEO, said the company now expects to move forward with those remaining regulatory approvals.
The planned bank will be headquartered in Stamford, Connecticut.
Revolut Plans $95 Million Investment
Revolut intends to inject approximately $95 million in capital into the new US bank.
The fintech company currently serves around 80 million customers worldwide, giving it a significant international customer base as it prepares to expand its banking presence in the United States.
Revolut expects the US bank to launch during the first half of 2027.
New Bank to Offer Cards, Loans and FX Services
The planned US bank will offer a range of traditional and digital financial products.
These are expected to include:
- Checking accounts
- Installment loans
- Credit cards
- Foreign exchange services
Revolut also plans to introduce multicurrency services by connecting its US operations with its existing businesses in Europe and Latin America.
The company is also expected to launch a stablecoin as part of its broader digital finance strategy.
Revolut Plans US Banking Team of Around 160 Employees
The new banking operation is expected to employ approximately 160 people when it launches.
Revolut’s international infrastructure could give the company an advantage in providing cross-border and multicurrency banking services to US customers.
That strategy fits closely with Revolut’s existing business model, which has focused heavily on digital payments, foreign exchange and international financial services.
Revolut Continues Global Banking Expansion
The US approval comes as Revolut continues to expand its regulated banking operations internationally.
The company secured a banking license in France last month as part of its European expansion strategy.
It was also authorized to operate a bank in the UK in March, strengthening its position in its home market.
US Banking License Marks Major Step for Revolut
The OCC’s conditional approval represents an important milestone for Revolut’s ambitions in the US financial sector.
However, the company must still receive approval from the FDIC and Federal Reserve before the bank can begin full operations.
If those approvals are secured, Revolut plans to launch its US bank in the first half of 2027, offering traditional banking products alongside its established digital and multicurrency services.
