Revolut Gains Conditional US Banking License

UK fintech Revolut has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national bank, bringing the company closer to launching a full-service US banking operation in 2027.

The approval follows Revolut’s application for a US national bank charter in March and still requires further approval from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, as well as final OCC approval. The proposed bank will be based in Stamford, Connecticut, where Revolut plans to invest around $95 million and employ approximately 160 people.

Nik Storonsky, Revolut’s co-founder and CEO, said: “Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US.” He added that the decision gives the company “the foundation to build in the world’s largest financial market.”

The move comes as Revolut, popular for its all-in-one app design that manages finances and enables borderless payments, is expanding its banking footprint internationally. With a global customer base now at more than 80 million, the firm secured a UK banking license in March and a French banking license in August.

At present, Revolut provides services to US customers through partnerships with American banks. A national charter would allow it to offer banking products directly, including checking accounts, installment loans, credit cards and foreign exchange services. The company also plans to offer a stablecoin as part of its US banking operation.

The firm's initial strategy will focus on expatriates and customers looking for multicurrency banking, with checking and savings accounts and credit products expected to follow. Business banking and stablecoin services are also planned, while mortgages are not included in the company’s initial three-year strategy.