Revolut targets US bank charter 2027

Revolut said on September 3 that it had received preliminary conditional approval from the Office of the Comptroller of the Currency to form a U.S. national bank, moving the fintech closer to a long-planned American banking launch. The company said it remains on track for a proposed 2027 rollout, but the approval does not yet let it open the bank or begin offering the full set of bank products it has described. Revolut said it is still working through applications and approvals with the Federal Deposit Insurance Corporation, the Federal Reserve and the OCC itself. The proposed bank would be called Revolut Bank US, N.A. and would be headquartered in Stamford, Connecticut. ### What did Revolut actually get approved? The OCC said in a September 2 corporate decision that it had granted “preliminary conditional approval” of Revolut’s charter application to establish a new national bank. The agency’s letter said final approval and authorization to open will not be granted until all pre-opening requirements are met. Revolut described the decision as “conditional approval” and called it “an important first step” toward establishing the proposed bank in the United States. (revolut.com) Nik Storonsky, Revolut’s founder and CEO, said the approval gives the company “the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.” (occ.gov) ### Why can’t Revolut launch a U.S. bank yet? The OCC’s September 2 decision said the proposed bank must obtain deposit insurance from the FDIC and that Revolut’s parent entities have applied to the Federal Reserve to become bank holding companies. The OCC also said its own approval is only preliminary and can be modified, suspended or rescinded before final approval. (revolut.com) The FDIC says organizers of a new insured bank must go through a separate deposit-insurance process. In August, the agency announced a two-phase review process for new deposit insurance applications, beginning with a contingent authorization phase before any final action. ### What would the U.S. charter let Revolut do? Revolut said in March, when it filed the application, that a national bank charter would allow it to operate across all 50 states under a federal framework, connect directly to payment rails such as Fedwire and ACH, and offer personal loans, credit cards and FDIC-insured deposits directly. (occ.gov) The company said on September 3 that, once all approvals are received, it plans to offer U.S. customers loans, credit cards, FDIC-insured deposits, and access to stablecoins and cryptocurrencies. (fdic.gov) The OCC’s decision, however, said the preliminary approval “does not include the proposed retail foreign exchange business,” and that Revolut would need a separate supervisory non-objection before starting that activity. (revolut.com) ### Where would this bank sit inside Revolut’s structure? The OCC said Revolut Bank US, N.A. would be a wholly owned subsidiary of Revolut Holdings US, Inc., a Delaware corporation. That U.S. holding company is fully owned by Revolut Group Holdings Ltd., which the OCC identified as a foreign holding company regulated by the United Kingdom’s Prudential Regulation Authority. (revolut.com) March 4 application materials filed with the OCC and FDIC said the proposed bank’s main office would be in Stamford, Connecticut. Revolut named Cetin Duransoy as U.S. CEO when it filed the application in March. ### What does the 2027 target actually mean? Cetin Duransoy said in Revolut’s September 3 statement that the company remained “on track for a 2027 launch” of its proposed national bank. (occ.gov) Revolut did not give a month for that launch, and it did not say it had received FDIC insurance or Federal Reserve approval. (occ.gov) The next milestones are set out in the regulators’ own process. The FDIC says the deposit-insurance application is reviewed in stages, and the OCC said Revolut cannot open the bank until pre-opening requirements are met and final authorization is granted. For now, Revolut’s U.S. operation continues to rely on partner-bank arrangements while the charter, deposit-insurance and holding-company approvals remain pending. (occ.gov) (revolut.com)