Key Points
- Revolut obtained preliminary OCC authorization to create a national bank within U.S. borders.
- Additional clearances from FDIC, Federal Reserve, and final OCC sign-off remain outstanding.
- The fintech company aims for a 2027 operational start date pending complete regulatory approval.
- Proposed offerings encompass lending products, credit cards, insured deposits, cryptocurrency, and stablecoin services.
- The OCC has granted approvals to multiple digital-asset companies, including Coinbase, Ripple, Circle, Paxos and BitGo.
Revolut has obtained preliminary authorization from the U.S. Office of the Comptroller of the Currency to create a national banking institution. This regulatory milestone positions the financial technology firm to expand its direct banking capabilities for American consumers.
The preliminary authorization represents an intermediate stage rather than final operating permission. Revolut must secure additional approvals from the Federal Deposit Insurance Corporation and the Federal Reserve. Final authorization from the OCC remains necessary before the banking operation can commence.
Fintech Company Eyes 2027 American Banking Debut
Revolut has established 2027 as its target date for banking operations, contingent upon completing all remaining regulatory requirements. Chief Executive Nik Storonsky characterized the OCC authorization as a significant milestone in the firm’s American expansion strategy.
The proposed bank would provide lending products, credit cards, federally insured deposits, digital currency services, and stablecoin offerings. These services await final regulatory clearances and adherence to federal banking standards.
Revolut currently provides financial and cryptocurrency services throughout the United States via separate regulated entities and banking partnerships. A national bank charter would provide the company with an expanded framework for American banking operations.
The OCC has established a more accessible pathway for companies engaged in approved digital-asset activities. Comptroller Jonathan Gould has indicated that firms utilizing cryptocurrency and emerging financial technologies should access federal bank oversight when they satisfy regulatory benchmarks. The OCC anticipates finalizing GENIUS Act regulations by November following industry consultation.
Federal Regulators Process Additional Banking Applications
The OCC has authorized multiple cryptocurrency-focused companies in recent months, including Coinbase, Paxos, BitGo, Ripple and Circle. The regulatory body has also granted conditional authorization to World Liberty Financial.
Throughout 2025, the OCC has processed 40 applications for new banking charters, approving 21 while rejecting two. Revolut must fulfill requirements addressing capitalization, governance structures, risk management systems, and regulatory compliance before launching the proposed banking operation.
Revolut continues expanding its regulated presence beyond American borders. The company reports obtaining banking licenses in France, Australia and the United Kingdom, while growing its presence in Mexico and additional Latin American territories.
The fintech firm reports serving over 80 million customers globally and targets reaching 100 million by mid-2027. Its American banking initiative remains contingent upon receiving all mandatory federal regulatory approvals.
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