What Does Revolut’s U.S. Banking Approval Allow?
Revolut has secured conditional approval for a U.S. national bank charter, moving the London-based fintech closer to operating as a fully fledged bank in the world’s largest financial market.
The Office of the Comptroller of the Currency granted preliminary approval on Wednesday. Revolut must still receive approval from the Federal Deposit Insurance Corporation and the Federal Reserve, as well as final clearance from the OCC, before it can begin operating under the charter.
Once approved, the structure would allow Revolut to accept insured deposits directly from U.S. customers and reduce its dependence on partner banks for core banking services. That would give the company greater control over products, customer relationships and banking infrastructure as it expands in the country.
Co-founder and Chief Executive Nik Storonsky called the decision “an important first step” and said it provides the “foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”
Revolut applied for the U.S. banking license in March after previously considering the acquisition of an existing American bank. Buying a chartered institution could have provided a faster entry route, but the company ultimately chose to seek its own national charter.
When Could Revolut Launch Its U.S. Bank?
Revolut expects to begin U.S. banking operations in the first half of 2027, according to U.S. Chief Executive Cetin Duransoy. The timing depends on the company satisfying the remaining regulatory conditions attached to its application.
The company plans to use multi-currency banking as an anchor product, initially targeting expatriates and customers who regularly move money between countries. Revolut built its early business around foreign exchange and international payments before expanding into a wider range of financial services.
Its U.S. plan includes checking and savings accounts, credit products, installment loans and credit cards. Stablecoin products and business banking services are also expected to be introduced over time.
Mortgages are not part of the initial three-year plan submitted to regulators. Revolut intends to evaluate mortgage lending later after gaining experience with the product in other markets.
“You can’t build a truly global bank without becoming a full-service bank in the United States,” Storonsky said. He added that further work remains with the OCC, FDIC and Federal Reserve before the company reaches the final approval stage.
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Investor Takeaway
A U.S. banking charter could materially change Revolut’s economics by allowing it to hold customer deposits directly and offer more products without relying as heavily on partner banks. The main hurdle is now execution: conditional OCC approval does not guarantee the remaining federal approvals or a 2027 launch.
Why Is A U.S. Charter Important For Revolut?
Revolut has expanded rapidly outside the United States but has faced lengthy regulatory processes as it moves from payments into traditional banking. The company received its full UK banking license in March after a multiyear review by regulators at the Bank of England’s Prudential Regulation Authority.
A U.S. charter would give Revolut access to another major deposit and lending market while reducing some of the operational limitations associated with providing banking products through third parties.
The company now serves about 80 million customers globally and was recently valued at $115 billion in a private share sale, placing it among Europe’s most highly valued financial technology companies.
The U.S. expansion could also increase competition with established banks and digital financial platforms. Revolut would be able to combine traditional deposit and credit products with services such as international payments, multi-currency accounts and eventually stablecoins under one regulated banking structure.
How Could U.S. Regulation Shape Revolut’s Expansion?
Duransoy said the current U.S. administration has been receptive to companies introducing new financial products, while stressing that regulators remained rigorous when reviewing Revolut’s application.
“They were very friendly to our application, but that friendliness has nothing to do with how diligent they were in working through our application,” he said.
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The remaining approval process will determine how quickly Revolut can convert its preliminary charter into an operating bank. The FDIC will need to assess its deposit insurance application, while the Federal Reserve and OCC will review whether the company satisfies the capital, governance, risk management and operational requirements attached to entering the U.S. banking system.
For Revolut, securing those approvals would represent more than another geographic expansion. It would move the company closer to operating its own banking infrastructure across major markets rather than building primarily on services provided by licensed partners.
The first half of 2027 is now the company’s target. Until the remaining regulators sign off, however, Revolut’s U.S. banking ambitions remain conditional rather than complete.