Revolut OCC approval advances proposed US national bank

Revolut has received conditional approval from the Office of the Comptroller of the Currency to form a US national bank, according to reports published on September 3. The Revolut OCC approval does not authorise an operating bank: the company still faces regulatory steps involving the Federal Deposit Insurance Corporation, the Federal Reserve and the OCC before its proposed 2027 launch.

The decision is a step in the London-based financial technology company’s effort to expand its US offering. Bloomberg reported that Revolut has previously provided US services through partner banks, rather than through a bank it operates directly.

What does Revolut’s OCC approval mean for its US bank plans?

Conditional approval means Revolut has cleared an initial OCC milestone for its proposed national bank, while the approval process has not been completed. Finextra reported that applications and approvals involving the FDIC and Federal Reserve remain outstanding, alongside final OCC approval.

Revolut founder and chief executive Nik Storonsky described the OCC decision as an “important first step” toward establishing Revolut Bank US, according to Finextra. He said it provides a basis for the company to build in the US market.

Revolut has said it is working towards a 2027 launch for the proposed bank. That timetable is a company plan rather than a confirmed opening date, and the reporting does not set out the OCC’s conditions or specify when outstanding regulatory decisions may be made.

What could change if the remaining approvals are obtained?

If it completes the process, Revolut could offer US customers banking products directly, including loans, credit cards and FDIC-insured deposits, Finextra reported. The report also described potential access to stablecoins and cryptocurrencies as contingent on all approvals, rather than a product currently authorised by this decision.

Bloomberg similarly reported that a national-bank operation would allow Revolut to move beyond its reliance on partner banks for US services. The supplied reporting does not establish that deposit insurance has been approved or that Revolut has received final authority to begin operations.

The US initiative forms part of a wider licensing drive across the Americas. Finextra reported that Revolut recently launched a bank in Mexico and has been pursuing regulatory work in Brazil, Colombia, Peru and Argentina. The company has also set a target of reaching 100 million customers by mid-2027, a projection cited by Storonsky.

This story draws on original reporting from Finextra Research.