Revolut Secures Conditional Approval for US National Bank License
Revolut has achieved a crucial milestone in its expansion into the United States by receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national bank. This approval is a significant regulatory hurdle as the fintech aims for a 2027 launch of its proposed bank.
The OCC's conditional approval allows Revolut to move forward with its plans to offer various banking services to US customers, including loans, credit cards, and FDIC-insured deposits, while also facilitating access to stablecoins and cryptocurrencies. However, the company still requires approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, in addition to final approval from the OCC.
Nik Storonsky, founder and CEO of Revolut, expressed gratitude for the OCC's diligent and transparent dialogue throughout the application process. Cetin Duransoy, CEO of Revolut US, noted that the approval lays a solid foundation for the company's growth in the US market.
Revolut currently serves over 80 million customers globally and has recently expanded its banking operations in Mexico, while also pursuing licenses in several Latin American countries, including Brazil and Argentina. The company has previously secured banking licenses in France, Australia, and the UK, and is also seeking a banking license in South Africa.
A fully approved US bank would enhance Revolut's credibility and strengthen its market position ahead of a potential initial public offering (IPO), although Storonsky has indicated that such an IPO is at least two years away.
Updated 20:00 UTC
New Developments on Revolut's US National Bank License
- Revolut has received conditional approval from the OCC to establish a national bank charter as Revolut Bank US, N.A.
- The approval allows Revolut to operate across all 50 states under a single federal framework.
- Revolut plans to capitalize the new bank with approximately $95 million.
- The bank will be headquartered in Stamford, Connecticut, with an expected launch staff of about 160 employees.
- Revolut aims to launch its US banking services in the first half of 2027.
- The company has invested close to $500 million in its US expansion so far.
- Revolut's global customer base exceeds 80 million, with a valuation of $75 billion.
- The planned US product offerings include checking accounts, debit cards, installment loans, and foreign exchange services, with stablecoin-related products pending regulatory approval.
FAQ
What recent milestone has Revolut achieved in the US?
Revolut has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national bank in the United States.
What services will Revolut offer once it establishes its US bank?
Revolut plans to offer various banking services to US customers, including loans, credit cards, FDIC-insured deposits, and access to stablecoins and cryptocurrencies.
What additional approvals does Revolut need to finalize its US banking operations?
In addition to the OCC's conditional approval, Revolut requires approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
How many customers does Revolut currently serve globally?
Revolut currently serves over 80 million customers worldwide.
What are Revolut's future plans regarding an initial public offering (IPO)?
Revolut's CEO has indicated that a potential initial public offering (IPO) is at least two years away, contingent on the full approval of its US bank.
Comments
Comments are moderated before publish.
No comments yet — be the first.