Key Highlights
- The Office of the Comptroller of the Currency has granted Revolut conditional approval for a US national bank charter
- The company aims to begin full banking operations in America during the first half of 2027
- Revolut’s US banking headquarters will be located in Stamford, Connecticut, staffed by approximately 160 people
- The financial institution will offer checking accounts, credit cards, installment loans, foreign exchange services, and a digital stablecoin
- This approval places Revolut alongside Coinbase, Paxos, BitGo, Ripple, and Circle as recent OCC conditional charter recipients
Revolut has secured a significant regulatory milestone in its quest to establish a federally chartered banking presence in the United States through conditional approval from the Office of the Comptroller of the Currency.
The London-based financial technology firm, which serves 80 million users across the globe, shared news of the approval this Thursday. Chief Executive Nik Storonsky described it as “an important first step” in delivering Revolut’s complete suite of services to consumers in America.
Understanding the Regulatory Pathway
While the OCC’s conditional approval represents significant progress, it’s merely the initial regulatory checkpoint. Revolut must still obtain authorization from both the Federal Deposit Insurance Corporation and the Federal Reserve System before launching consumer banking services.
According to Cetin Duransoy, who leads Revolut’s American operations, the institution expects to begin serving customers during the opening months of 2027.
The fintech company is preparing to invest approximately $95 million in capital to establish its US banking entity. Operations will be centered in Stamford, Connecticut, with a workforce of roughly 160 professionals.
The banking platform will provide checking accounts, installment financing, credit card products, and currency exchange capabilities. Among its offerings, Revolut plans to introduce a proprietary stablecoin for American customers.
By linking its American operations with established networks across Europe and Latin America, the company aims to deliver comprehensive multicurrency banking solutions.
Part of a Broader Industry Trend
Revolut’s pursuit of US banking authorization reflects a wider movement within the cryptocurrency and fintech sectors. Throughout the last year, the OCC has issued conditional charter approvals to multiple digital asset companies, including Coinbase, Paxos, BitGo, Ripple, and Circle.
Jonathan Gould, who heads the OCC, has publicly endorsed the idea that firms operating with cryptocurrency and emerging technologies deserve access to federal banking supervision. The regulatory agency has adopted a relatively welcoming approach toward this industry segment.
Beginning in 2025, the OCC has processed 40 applications for new bank charters, granting approval to 21 while rejecting two submissions.
Last month’s conditional approval of World Liberty Financial, which has connections to President Donald Trump’s family, generated considerable attention regarding possible conflicts of interest.
Revolut has been systematically expanding its licensed banking operations internationally. The company obtained UK banking authorization in March 2026, followed by French approval the subsequent month. Australian regulators have also permitted the company to conduct banking activities.
Securing a US banking charter would mark Revolut’s most significant market expansion to date. America remains the world’s largest and most lucrative financial marketplace.
Before welcoming customers, Revolut must complete the approval process with the FDIC and Federal Reserve, maintaining its objective of launching operations in early 2027.
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