Revolut Receives Conditional OCC Approval for US National Bank Charter
Revolut Receives Conditional OCC Approval for US National Bank Charter #
Revolut has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national bank, moving the London-based fintech closer to operating as a full-service lender in the United States. The OCC issued the approval on September 2; Revolut announced it publicly the following day.
The proposed entity, to be called Revolut Bank US, N.A., would give the company direct access to US payment rails and the ability to offer FDIC-insured deposits and lending products without relying on partner-bank arrangements that have limited its American operations. Revolut has committed $500 million to back the venture.
Founder and CEO Nik Storonsky said the approval advances the company’s US plans. “Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US,” Storonsky said in the company’s announcement. “It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”
Full banking operations are not expected to begin until 2027. Revolut still needs approval from both the Federal Reserve and the Federal Deposit Insurance Corporation before it can open for business. Cetin Duransoy, the former Raisin US and Capital One executive appointed as Revolut’s US CEO when the charter application was filed in March, is leading the domestic effort.
Revolut has also indicated that its US bank will offer stablecoin services, consistent with the company’s product direction in other markets.
The OCC approval comes as several fintech and crypto-native firms pursue national bank charters. The regulator granted similar conditional approvals to Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos in late 2025, and has since processed applications from Nubank and Crypto.com.
The US charter is part of a broader licensing effort by Revolut in 2026. The company has secured banking licences in the UK, France, and Australia this year and holds a payments licence in the UAE, as it works toward a target of 100 million customers by mid-2027. Revolut is currently valued at approximately $75 billion and serves between 70 and 80 million customers globally.
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