Key Highlights
- The US Office of the Comptroller of the Currency has granted Revolut conditional approval for a national banking charter
- The company aims to establish a fully functioning American banking operation by early 2027
- Revolut’s US headquarters will be located in Stamford, Connecticut, staffed by approximately 160 personnel
- Service offerings will encompass checking accounts, credit products, installment financing, and a proprietary stablecoin
- The fintech joins other crypto firms like Coinbase, Paxos, BitGo, Ripple, and Circle in obtaining OCC conditional clearance
Revolut has achieved a significant milestone in its quest to become a fully licensed banking institution in the United States following conditional clearance from the Office of the Comptroller of the Currency.
The London-headquartered financial technology company, which serves 80 million users across the globe, made the announcement on Thursday. Chief Executive Officer Nik Storonsky characterized the development as “an important first step” in delivering the complete Revolut service suite to consumers in America.
Understanding the Regulatory Milestone
While the OCC’s conditional approval represents a critical achievement, it’s merely the initial phase of a multi-stage regulatory process. Revolut must still secure authorization from both the Federal Deposit Insurance Corporation and the Federal Reserve before commencing comprehensive banking activities.
According to Cetin Duransoy, who serves as Revolut’s chief executive for US operations, the institution anticipates opening its doors during the first six months of 2027.
The financial technology firm plans to allocate approximately $95 million in capital funding for the new banking entity. Operations will be centered in Stamford, Connecticut, with a workforce of roughly 160 staff members.
Product offerings from the new institution will include checking accounts, installment lending products, credit cards, and currency exchange capabilities. Additionally, Revolut has announced intentions to introduce a stablecoin as part of its American market strategy.
The organization aims to provide multi-currency banking capabilities by integrating its American operations with its established platforms in European and Latin American markets.
A Wave of Crypto-Friendly Banking Applications
Revolut is part of a broader trend of cryptocurrency and fintech companies pursuing US banking charters. Throughout the past year, the OCC has issued conditional approvals to numerous crypto-affiliated enterprises, including Coinbase, Paxos, BitGo, Ripple, and Circle.
Jonathan Gould, who leads the OCC, has publicly expressed that organizations operating in cryptocurrency and emerging technology sectors deserve access to federal banking supervision. The regulatory agency has adopted a relatively welcoming posture toward digital asset companies.
Beginning in 2025, the OCC has processed 40 applications for new bank charters, granting approval to 21 while rejecting two.
World Liberty Financial, which has financial backing from President Donald Trump’s family members, received conditional approval last month, sparking debate regarding possible conflicts of interest.
Revolut has been systematically expanding its regulated banking operations internationally. The company obtained a banking license in the United Kingdom during March 2026, followed by French authorization one month later. The firm has also received permission to conduct banking activities in Australia.
Securing a US banking license would mark Revolut’s most significant market expansion to date. The American market represents the largest financial services sector globally.
Before the bank can accept customers, Revolut must complete the approval process with both the FDIC and Federal Reserve, maintaining its objective of launching operations in early 2027.
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