Revolut Has Won Conditional U.S. Banking Licence

Revolut has secured conditional approval to operate as a fully fledged bank in the United States, a major step for the London-based fintech as it seeks to expand in the world’s largest financial market.

The Office of the Comptroller of the Currency (OCC) granted Revolut preliminary approval for a national bank charter on Wednesday, according to public filings.

The charter, once fully approved, would allow Revolut to offer insured deposits to U.S. customers and reduce its reliance on regulated partner banks for banking services.

Co-founder and Chief Executive Nik Storonsky said the approval “is an important first step” that gives Revolut the “foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”

Revolut has long sought to expand in the United States, but its international growth plans have been complicated by regulatory delays. The company received a full UK banking licence in March following a multiyear process with regulators at the Bank of England’s Prudential Regulation Authority.

The company applied for its U.S. banking licence in March. It still requires approval from the Federal Deposit Insurance Corporation and the Federal Reserve, as well as final approval from the OCC.

“Eleven years ago, we started with a card and an app that helped people save money on FX. Since then, every product we’ve built and every market we’ve entered has reinforced the same belief: money doesn’t stop at borders, and banking shouldn’t either,” said Storonsky in a post on LinkedIn.

“And you can’t build a truly global bank without becoming a full-service bank in the United States. This isn’t the finish line. There’s still work ahead with the OCC, FDIC and Federal Reserve. But today is a major step forward – and the result of years spent building the technology, infrastructure and controls required of a global bank.”

Revolut’s U.S. Chief Executive Cetin Duransoy said the company expects to launch its banking operations in the country in the first half of 2027.

The fintech plans to initially target expatriates with “multi-currency banking” as its anchor product, according to its plans submitted to regulators.

Revolut intends to offer checking and savings accounts, credit products, instalment loans and credit cards in the United States. It also plans to introduce stablecoins and business banking services over time.

Mortgages are not included in the company’s initial three-year plan submitted to regulators. Revolut plans to consider offering such loans later after testing them in other markets.

Founded in London in 2015, Revolut has expanded rapidly across international markets and now has about 80 million customers globally. The company was recently valued at $115 billion in a private share sale, making it one of Europe’s most valuable fintech companies.

Revolut had previously considered acquiring a U.S. bank with an existing charter, which could have provided a faster route into the country’s regulated banking system. The company ultimately chose to apply directly for a charter.

Duransoy said the regulatory environment under U.S. President Donald Trump’s administration had been receptive to new entrants.

“What has changed [under the Trump administration] is: regulators are incredibly open to innovation, because they fundamentally believe that more products in the market is ultimately better for consumers and the businesses,” said Duransoy.

“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 added.

The OCC confirmed Revolut’s conditional approval and declined to comment further.

Revolut’s U.S. expansion comes as financial technology companies increasingly seek direct access to banking infrastructure and customers, potentially putting pressure on established banks while increasing regulatory scrutiny of digital financial services.

The company will need to satisfy conditions imposed by U.S. regulators before it can receive final approval and begin operating as a nationally chartered bank.

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