Revolut Secures Preliminary U.S. Bank Approval Ahead of…

Revolut has received preliminary approval from the Office of the Comptroller of the Currency for a U.S. national bank charter, a conditional step toward operating as a fully licensed bank in the American market. The decision was announced on Wednesday, but the London-based fintech must still clear the Federal Deposit Insurance Corporation and the Federal Reserve, as well as secure final OCC clearance, before it can do business under the charter.

What the charter would unlock

A national charter would let Revolut take insured deposits from U.S. customers directly and rely less on partner banks for core banking functions, giving it tighter control over its products, customer relationships and infrastructure in the country. Co-founder and Chief Executive Nik Storonsky framed the ruling as a significant first step, saying it lays the groundwork to build in the world's largest financial market and extend the company's full offering to millions of Americans. Revolut formally applied for the license in March, having previously weighed buying an existing U.S. bank — an approach that could have shortened the path to market but was ultimately set aside in favour of seeking its own charter.

A 2027 launch target

U.S. Chief Executive Cetin Duransoy said the company expects to begin U.S. banking operations in the first half of 2027, contingent on satisfying the remaining regulatory conditions tied to its application. Multi-currency banking is planned as the anchor product, initially aimed at expatriates and customers who move money across borders — the foreign exchange and payments business Revolut was built on. The roadmap includes checking and savings accounts, credit products, installment loans and credit cards, with stablecoin offerings and business banking expected to follow over time. Mortgages are not part of the initial three-year plan filed with regulators.

Revolut obtained its full UK banking licence in March after a multiyear review by the Bank of England's Prudential Regulation Authority. The company now counts roughly 80 million customers worldwide and was valued at $115 billion in a recent private share sale, ranking it among Europe's most valuable financial technology firms.

Duransoy described U.S. regulators as receptive to new financial products while stressing that their diligence in reviewing the application was unaffected by that openness. The depth of the remaining scrutiny will shape how quickly Revolut converts the preliminary charter into an operating bank, with the FDIC assessing its deposit insurance application and the OCC and Fed reviewing capital, governance, risk management and operational standards. Until those approvals land, the U.S. banking push remains conditional rather than complete.