Revolut clears key US regulatory hurdle, eyes bank launch next year
The London‑based fintech has won conditional approval from US regulators, putting a full‑service bank in the United States within reach.
Revolut announced it has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter in the United States. The decision follows a lengthy application process and clears the first major regulatory hurdle for the fintech’s plan to open a US‑based bank as early as next year.
Regulatory green light
The OCC’s conditional nod gives Revolut a framework to continue its dialogue with the Federal Reserve and the Federal Deposit Insurance Corporation, both of which must grant final approval before the bank can begin operations. The company, headquartered in Canary Wharf, has already secured a full banking licence in the UK and a recent permit from the European Central Bank, signalling a broader push into regulated banking.
“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,” said Nik Storonsky, founder and chief executive.
Industry context
Revolut’s achievement comes after a series of mixed outcomes for European challengers. In recent weeks the OCC rejected applications from Wise over anti‑money‑laundering concerns and asked Bunq to submit a US‑specific business plan, while its founder Ali Niknam was criticised for proposing a part‑time leadership model. Other firms, such as Monzo under new chief executive Diana Layfield, have withdrawn from the US altogether to refocus on Europe. Payments platform Zilch also scaled back its US operations after a limited rollout.
Looking ahead
With the OCC’s conditional approval secured, Revolut now aims to finalise its discussions with the Federal Reserve and the FDIC. If those approvals are granted, the fintech could launch a fully‑licensed US bank in 2025, offering its suite of accounts, cards and investment products to American consumers. Analysts will be watching the next steps closely, as a successful launch could reshape the competitive dynamics of retail banking in the United States.
