Revolut Secures Provisional US Banking License from OCC

Revolut has received provisional approval from the Office of the Comptroller of the Currency (OCC) to establish Revolut Bank US, N.A., marking a significant step towards launching a full-service national bank by 2027. This approval, granted on September 2, allows the fintech company to build infrastructure for FDIC-insured deposits, lending products, and direct access to US payment systems, eliminating the need to rely on partner banks for basic financial services.

The company submitted its application for the national bank charter on March 5, and the swift approval reflects a favorable regulatory environment. Previously, Revolut considered acquiring an existing US bank but opted for a new charter, which will enable it to offer a range of services including credit cards, personal loans, and access to the Fedwire and ACH payment systems under one regulatory framework.

Revolut is investing $500 million into its US expansion and has appointed Cetin Duransoy, a former executive at Visa and Capital One, as CEO of US operations. While full banking operations are not expected to commence until 2027, the company is also planning to incorporate stablecoin services alongside traditional banking products, further integrating conventional finance with digital assets. Founded just over a decade ago, Revolut has grown to serve approximately 1 million US customers and aims to expand its global user base from 70 to 75 million to 100 million by mid-2027.

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Source: KLEA News