Revolut clears key US regulatory hurdle, moves closer to bank launch
The fintech secured conditional approval from the OCC, paving the way for a US bank that could debut as early as next year.
Revolut announced on Thursday that it has received conditional approval from the Office of the Comptroller of the Currency for a national bank charter in the United States. The decision follows a lengthy review by the regulator and clears the first major obstacle in the company’s plan to roll out a full‑service bank to American consumers.
The approval gives Revolut a legal basis to pursue the remaining licences it needs from the Federal Reserve and the Federal Deposit Insurance Corporation. Both authorisations are required before the firm can open accounts, accept deposits and offer loans in the world’s largest financial market.
Nik Storonsky, the company’s founder and chief executive, said:
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.
The conditional approval marks Revolut’s second attempt at a US banking licence. In March 2021 the firm tried to enter the market via a state‑level charter in California, but the effort stalled and was withdrawn by late 2023 after regulatory friction and a $20 million loss linked to a flaw in its US payment system.
Why the United States matters for Revolut
The United States represents a massive opportunity for fintechs seeking scale. With over 330 million adults, the market dwarfs Revolut’s home base in the United Kingdom, where the company recently secured a full‑fat licence after a four‑year wait, as well as a fresh permit from the European Central Bank.
Other European challengers have struggled to gain a foothold. In the past two weeks the OCC blocked applications from money‑transfer firm Wise and neobank Bunq, citing supervisory and compliance concerns. Ali Niknam, Bunq’s founder, was asked to submit a plan specifically tailored for the US market, while Wise’s anti‑money‑laundering controls were deemed insufficient.
What comes next
Revolut now turns its attention to the Federal Reserve and the FDIC. If those approvals are granted, the fintech could launch its US bank as early as 2025, offering a suite of services that includes current accounts, savings products and credit cards, all integrated with its existing app.
Success would put Revolut ahead of peers such as Monzo, which withdrew its US operations earlier this year under chief executive Diana Layfield, and payments platform Zilch, which has curtailed its US activities after a limited rollout of its buy‑now‑pay‑later service.
Analysts will be watching the next regulatory steps closely, as a full US banking licence could reshape the competitive dynamics between traditional banks and fintechs, and potentially accelerate the adoption of digital‑first banking among American consumers. For now, Revolut’s conditional green light is a clear signal that the firm is serious about becoming a major player on both sides of the Atlantic.
