Revolut received conditional OCC approval on Sept. 3 to establish a national bank in the United States.
The decision advances the charter application that the fintech submitted to the regulator in March 2026.
However, Revolut cannot open the bank until the FDIC, Federal Reserve, and OCC complete the remaining regulatory steps.
The fintech plans to establish Revolut Bank US, N.A., with its headquarters in Stamford, Connecticut.
Revolut expects to contribute about $95 million in initial capital to the proposed banking operation.
The company also expects its Stamford operation to employ about 160 people when the bank opens.
The fintech company is targeting the first half of 2027 for opening the bank after completing the remaining federal reviews.
Revolut must obtain FDIC deposit insurance before its bank can offer federally insured deposits.
The Federal Reserve must also clear the banking plan before Revolut can move toward its targeted opening.
After meeting those requirements, Revolut must receive final OCC authorisation before the bank can serve customers.
Revolut currently uses Lead Bank and Cross River Bank to support several products for American customers.
Lead Bank provides banking services behind the fintech’s prepaid cards in the United States.
Meanwhile, Cross River Bank issues its Visa credit card and provides its personal loans.
A final national charter would let the fintech provide eligible deposits, loans, and credit products through its own banking entity.
Revolut Plans More Services for American Customers
The proposed bank plans to offer checking accounts, credit cards, instalment loans and foreign exchange services.
The bank also plans to provide qualifying deposit accounts with federal insurance protection.
The national charter would also support direct connections to Fedwire and the Automated Clearing House network.
Moreover, the charter would give Revolut a federal framework for providing approved banking services across all 50 states.
That structure would reduce its dependence on partner banks for deposits, personal loans, and credit products.
Revolut has also included a stablecoin among the products planned for its proposed American bank.
However, the national charter alone cannot authorise the token because federal law sets separate requirements for payment stablecoin issuers.
The GENIUS Act created a federal framework for payment stablecoins after becoming law in July last year.
OCC proposals under the GENIUS Act address reserves, redemptions, audits, custody, risk management and regulatory supervision.
Revolut would need to meet relevant requirements before introducing its planned stablecoin to American customers.
The company has not disclosed the token’s currency, blockchain network, reserve structure or expected launch date.
Banking Expansion Reaches More Markets
Revolut has also been expanding in other countries besides the United States.
In August 2026, the company gained a French banking license and created another European banking base alongside Lithuania.
The company also received its full United Kingdom banking license in March and Australian banking authorisation in July.
Revolut is pursuing licenses in Brazil, Colombia, Peru, Argentina and South Africa to expand locally regulated financial services.
Cyprus regulators also authorised its crypto operations under the European Union’s Markets in Crypto-Assets (MiCA) framework.
Meanwhile, other companies are also pursuing federal banking approvals.
The OCC has conditionally cleared applications involving Coinbase, Paxos, BitGo, Ripple and Circle.
The regulator also granted conditional clearance to World Liberty Financial in August.
