UK Fintech Revolut Gains Conditional US Banking Licence
Revolut needs further approvals before launching bank accounts, loans and credit cards for U.S. customers, with 80 million users worldwide.
- British fintech Revolut received conditional approval from the Office of the Comptroller of the Currency for a national bank charter on Thursday, marking a major step toward launching a fully-fledged American bank next year.
- Revolut applied for the charter months ago, around the time it secured a full banking license as a London-based business following a lengthy regulatory wait for approval.
- Based in Stamford, Connecticut, the bank plans to offer checking accounts, installment loans, and credit cards to its customer base of 80 million users worldwide.
- Revolut CEO Cetin Duransoy said the company now awaits approval from the Federal Reserve and Federal Deposit Insurance Corporation, calling the conditional OCC clearance "an important first step."
- The firm plans to offer access to cryptocurrencies and stablecoins, aiming to reach 100 million customers globally by mid-2027 at its current trajectory.
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Revolut obtained conditional approval from the Office of the Controller of the Currency (OCC) for the national banking licence in the US, the company now working on the remaining applications and approvals with the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve (Fed) and the final approval from OCC, for the planned opening in 2027 of the proposed bank, writes ...
Revolut plans US bank and stablecoin after conditional OCC approval
Revolut has received conditional approval from the Office of the Comptroller of the Currency to form a U.S. national bank, with a 2027 launch, a $95 million capital injection and stablecoin service planned if regulators grant the remaining clearances. Conditional…
===Revolut===British Nekan Revolut obtained prior authorization to issue a bank licence in the United States, reporting Financial Times.
UK fintech Revolut gains conditional US banking licence
The approval by the US Office of the Comptroller of the Currency opens the door to Revolut eventually offering loans, credit cards and insured deposits to US customers directly. "Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US," Nik Storonsky, the firm's co-founder and CEO, said in a statement. "It gives us the foundation to build in the world's largest financial market and bring the full Re…
Evening Standard
Revolut takes ‘first step’ to US bank launch after regulatory approval
The firm has cleared one of the regulatory hurdles needed to operate as a fully fledged bank in the US.
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