Revolut wins conditional US bank charter, plans 2027 launch
What's the deal? Revolut has secured conditional approval from the Office of the Comptroller of the Currency (OCC) for a national US bank charter, a major step toward launching a fully fledged American bank in the first half of 2027. Once fully authorised, the charter would let the London-based fintech offer insured deposits directly, ending its reliance on regulated partner banks. Revolut will inject around $95 million of capital into the new bank, to be based in Stamford, Connecticut.
What's the endgame? Revolut plans to launch checking, savings and credit products, instalment loans, and credit cards, then add stablecoins and business banking over time. It will initially target expats with multi-currency banking as its anchor product, drawing on its European and Latin American operations. Mortgages come later, after testing in other markets.
Why now? Founded in 2015, Revolut only applied for the US licence in March, after years of delays over its full UK banking licence, which the Bank of England's Prudential Regulation Authority (PRA) granted the same month. Chief executive Nik Storonsky called the approval "an important first step" toward building "in the world's largest financial market."
The company still awaits approval from the Federal Deposit Insurance Corporation and the Federal Reserve, alongside full OCC sign-off. It plans to open with a team of around 160 employees.
The regulatory shift: Revolut considered buying a US bank with an existing charter as a faster route, but pursued a direct application partly because of the Trump administration's openness to new entrants. "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 US chief executive Cetin Duransoy.
Wider expansion: The US push follows a French banking licence secured last month as part of Revolut's European growth plans. The group now counts 80 million customers globally and was recently valued at $115 billion in a private share sale, making it Europe's most valuable fintech.
The signal: Revolut's charter marks one of the highest-profile attempts by a European fintech to enter regulated US banking directly, rather than through partnerships or acquisition. Success would open the largest financial market to a firm that has grown fast on international expansion — but full launch still hinges on two more regulators.
Read more: Reuters, Financial Times
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