Revolut receives conditional US bank approval

Revolut said on September 3 that it had received conditional approval from the Office of the Comptroller of the Currency to form a U.S. national bank, giving the fintech a preliminary federal green light to create Revolut Bank US, N.A. The OCC’s September 2 corporate decision shows the approval was preliminary, not final, and applies to a proposed full-service insured national bank headquartered in Stamford, Connecticut, with no branches at opening. Revolut said it is still working through remaining applications and approvals with the Federal Deposit Insurance Corporation, the Federal Reserve and the OCC, and said it remains on track for a planned 2027 launch. (revolut.com) ### What exactly did U.S. regulators approve? The OCC said it “hereby grants preliminary conditional approval” of Revolut’s charter application to establish Revolut Bank US, National Association. (occ.gov) The agency also approved Revolut’s request for residency waivers tied to the application. The September 2 OCC decision says the proposed bank would be a full-service, insured national bank and a wholly owned subsidiary of Revolut Holdings US, Inc., a Delaware corporation fully owned by Revolut Group Holdings Ltd. (revolut.com) ### Why is the approval described as conditional? The OCC said final approval and authorization for the bank to open “will not be granted until all preopening requirements are met,” and said it retains the right to modify, suspend or rescind the preliminary approval if interim developments warrant it. (occ.gov) The same OCC decision says the preliminary approval does not cover Revolut’s proposed retail foreign exchange business. (occ.gov) Before starting that business, the bank must submit required information and obtain an OCC supervisory non-objection under 12 CFR 48.4. ### Which other regulators still have to sign off? The OCC said it granted preliminary approval with the understanding that the bank will apply for stock in a Federal Reserve Bank and obtain deposit insurance from the FDIC. (occ.gov) The OCC decision also says Revolut’s FDIC deposit-insurance application was still under review. Revolut said publicly that it is working through remaining applications and approvals with the FDIC, the Federal Reserve and final approval from the OCC. (occ.gov) ### When did Revolut start this process? Revolut said on March 5 that it had applied to the OCC and FDIC for a U.S. national bank charter and named Cetin Duransoy as U.S. (occ.gov) CEO. At that time, the company said the proposed entity would be called Revolut Bank US, N.A. The OCC decision says the organizing group filed the de novo charter application on March 10, 2026. (revolut.com) ### What has Revolut said it wants to offer through a U.S. bank? Nik Storonsky, Revolut’s founder and chief executive, said conditional OCC approval was “an important first step” toward establishing the proposed U.S. bank and building in the U.S. market. (revolut.com) Revolut said that, once all approvals are received, it expects to offer U.S. customers loans, credit cards, FDIC-insured deposits, and access to stablecoins and cryptocurrencies through the bank. (occ.gov) Cetin Duransoy, Revolut’s U.S. CEO, said the company remained on track for a 2027 launch of the proposed national bank. (revolut.com) ### What should readers watch next? The FDIC’s bank-application decisions page says it is updated each Wednesday, and the OCC decision makes clear Revolut still needs deposit insurance, Federal Reserve steps and final OCC authorization before opening. Revolut’s next formal milestone is not a customer launch but completion of those regulatory approvals for Revolut Bank US, N.A., the Stamford, Connecticut-based proposed bank described in the OCC’s September 2 decision. (revolut.com) (occ.gov) (fdic.gov)