British fintech Revolut has secured conditional approval for a US national bank charter, bringing it closer to launching a fully fledged American banking operation in the first half of 2027.
The approval from the Office of the Comptroller of the Currency (OCC) is not yet a final banking licence. Revolut must still obtain clearance from the Federal Deposit Insurance Corporation and the Federal Reserve, as well as final approval from the OCC.
Cetin Duransoy, Revolut’s US chief executive, said the company planned to inject about $95 million (£75 million) into the new bank. The business is expected to employ roughly 160 people when it launches.
Revolut Bank US will be headquartered in Stamford, Connecticut, and is being designed as a digital-only bank without branches. Its proposed services include current accounts, instalment loans, credit cards and foreign exchange.
The company also expects to offer multi-currency services drawing on its operations in Europe and Latin America. Mr Duransoy said the bank could launch a stablecoin as part of its future offering.
Revolut, which has about 80 million customers worldwide, said the OCC decision marked a significant step towards establishing a national bank in the US. The application submitted to US regulators proposes nationwide banking services for both retail and business customers.
The move comes as Revolut expands its regulated banking operations internationally. It secured a banking licence in France in August and was authorised to operate as a bank in the UK in March.
