Revolut Wins Conditional US Bank Charter Approval
The OCC granted Revolut conditional approval to charter a national bank, a key step toward launching its own US banking operations by 2027.
Revolut has received conditional approval from the US Office of the Comptroller of the Currency to organize a national bank. The fintech firm aims to open the branchless digital bank, Revolut Bank US, National Association, in the first half of 2027.
According to the source, the OCC granted preliminary approval on September 3, 2026. This is not an operating license. Revolut still requires FDIC deposit insurance, Federal Reserve approval, and a final OCC sign-off before it can begin serving customers.
The Conditions of Approval
The OCC's approval comes with specific capital requirements. The new bank must maintain an initial paid-in capital of at least $95 million. It must also keep a tier 1 use ratio above 10 percent for its first three years of operation.
Several business activities are explicitly excluded or require further approval. The charter approval does not cover Revolut's retail foreign exchange business. The bank needs a separate supervisory non-objection from the OCC before it can offer any retail FX services.
Three other activities are also gated behind their own sign-offs:
- Foreign exchange forwards
- Merchant acquiring services
- Correspondent banking for unaffiliated foreign banks
All other planned services, including checking accounts, credit cards, instalment loans, and stablecoin access, are not subject to these additional gates.
Strategic Impact for Revolut
The primary strategic gain for Revolut is independence from its current US banking partner. Revolut currently routes US customer deposits through Lead Bank, an FDIC-insured institution. The national charter would allow Revolut to hold those deposits directly on its own balance sheet.
This shift enables Revolut to build and control its own suite of financial products. The company could directly issue checking accounts, credit cards, and instalment loans. Product pricing and features would be set by Revolut, not negotiated through a third-party partner.
New products also become feasible. The source notes that stablecoin access, instalment loans, and credit cards could be issued directly by Revolut instead of being routed through another firm. However, delivery of the full product suite will be phased due to the gated approvals for FX and merchant services.
The Broader Regulatory Context
The OCC's decision fits a pattern. The regulator has approved 21 out of 40 de novo charter applications since 2025. Other firms receiving similar approvals include crypto-adjacent companies like Coinbase, Paxos, BitGo, Ripple, and Circle, as well as World Liberty Financial.
This indicates a repeatable regulatory pathway for fintech and crypto-related firms seeking to enter US banking. The correspondent banking provision, which involves holding dollar accounts for institutions outside Revolut's group, is treated as wholesale infrastructure and is subject to its own separate OCC review.
Implications for Customers
For Revolut's customers, nothing changes immediately. The bank cannot operate until it secures FDIC insurance and Federal Reserve approval. The target launch date is 2027.
Customer deposits are already FDIC-insured today, passed through the partnership with Lead Bank for up to $250,000 per account. The change will be in the institution backing that insurance. Once all regulatory hurdles are cleared, customers could gain access to new products like Revolut-issued credit cards and direct stablecoin services. The source calls that prospect "the exciting bit."
