Revolut wins US bank approval in key expansion step

Revolut has received conditional approval from the US Office of the Comptroller of the Currency to form a national bank, a step forward in its effort to launch a US bank.

The fintech group is still working through remaining applications and approvals with the Federal Deposit Insurance Corporation and the Federal Reserve, as well as the OCC's final sign-off. It said it remains on track for a planned 2027 launch.

The move would give Revolut a stronger foothold in the US market, where it is seeking to expand from financial app services into a broader banking offering. Once all approvals are secured, the company expects to offer products including loans, credit cards and FDIC-insured deposits, alongside access to stablecoins and cryptocurrencies.

Nik Storonsky, Founder and Chief Executive Officer of Revolut, described the OCC decision as an early but important step in that process.

"Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world's largest financial market and bring the full Revolut experience to millions of Americans," Storonsky said.

Cetin Duransoy, Chief Executive Officer of Revolut US, said the company's timetable had remained intact during the regulatory review.

"We're grateful for the OCC's open and transparent dialogue throughout this process. They were both diligent and expedient with our application, allowing us to remain on track for a 2027 launch of our proposed national bank," Duransoy said.

US expansion

For Revolut, a national bank charter would mark a notable shift in its US position. Rather than relying solely on partnerships or limited regulatory permissions, the company is seeking to establish a direct banking presence in one of the world's most tightly regulated financial markets.

The OCC's conditional approval does not complete that process. The remaining steps with the FDIC and Federal Reserve will be closely watched because they are central to whether Revolut can take deposits and operate at scale as a bank in the US.

Revolut built its business around a mobile-first model that began with payments and foreign exchange before expanding into other financial services. It now says it serves more than 80 million customers worldwide, who make more than a billion transactions each month across its products.

The group's US push is part of a broader strategy across the Americas. It recently launched its Mexican bank and is advancing regulatory work in Brazil, Colombia, Peru and Argentina.

That regional activity suggests Revolut is seeking a broader network of regulated operations rather than isolated market entries. A US banking launch would be one of the most consequential parts of that strategy because of the scale of the American market and the importance of a domestic banking licence to customer acquisition and product breadth.

Global licensing

Revolut also pointed to regulatory progress beyond the Americas. It said it has obtained bank licences in France, Australia and the UK this year, alongside a payments licence in the UAE, while continuing a bank licence application in South Africa.

That pace of licensing underlines how central regulatory approvals have become to Revolut's growth model. As digital financial groups mature, banking licences can provide a more direct route to deposits, lending and broader financial products, while also subjecting firms to closer scrutiny from supervisors.

Revolut has long been seen as one of Europe's most prominent fintech companies, but its expansion has required it to navigate different regulatory structures in each market. The US is especially significant because a national bank charter carries both commercial opportunity and substantial oversight expectations.

The company said it remains on track to reach 100 million customers by mid-2027. Its latest US milestone adds momentum to that target, even as the final regulatory stages will determine whether Revolut can turn conditional approval into a fully operational bank serving American customers.

More immediately, the OCC decision gives the company a formal place in the US chartering process and a clearer path for its banking ambitions in the country after years of international expansion.