Revolut wins conditional US banking license

• Revolut will inject approximately $95 million in capital into the new bank, which will offer checking accounts, installment loans, credit cards, and foreign exchange services
• The bank is expected to launch a stablecoin as part of its product offerings in the U.S. market
• Conditional OCC approval represents a major step, but final clearance still required from FDIC and Federal Reserve before operations can begin

Summary

Key Development:

British fintech Revolut received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national bank charter on September 3, marking significant progress toward launching a full-service American bank by 2027.

Key Facts & Figures:

• Revolut currently serves 80 million customers worldwide
• The company will inject approximately $95 million in capital into the new U.S. bank
• The bank will be headquartered in Stamford, Connecticut
• Conditional approval still requires final green light from the FDIC and Federal Reserve

Products & Services:

The new banking operation will offer:

• Checking accounts
• Installment loans
• Credit cards
• Foreign exchange services
• A planned stablecoin launch

Market Implications:

This approval represents a major milestone for Revolut's U.S. expansion strategy and signals increasing regulatory acceptance of fintech companies entering traditional banking. The conditional charter grants Revolut the ability to operate as a fully-regulated national bank, positioning it to compete directly with established American banks while leveraging its digital-first platform.

The move underscores the growing trend of European fintechs seeking to establish formal banking operations in the lucrative U.S. market. Pending final regulatory approvals from the FDIC and Federal Reserve, Revolut will join a select group of digital-native companies operating as chartered banks in the United States.

Leadership:

Cetin Duransoy, Revolut's U.S. CEO, confirmed the development and outlined the company's expansion plans in an interview with Reuters.