Revolut received conditional approval from the Office of the Comptroller of the Currency on September 3 for a US national bank charter under the entity Revolut Bank US, N.A. The approval represents one of three federal requirements the fintech must satisfy before launching banking operations in the United States.
The company still requires approval from the Federal Deposit Insurance Corporation and the Federal Reserve, followed by final OCC authorization before accepting deposits. Revolut said the remaining regulatory process would extend beyond one year, with a planned launch in the first half of 2027.
Remaining regulatory steps
Revolut must satisfy conditions set by the OCC, obtain FDIC deposit insurance, and secure Federal Reserve approval. The company filed its charter application in March and described the approval process as collaborative with regulators.
The proposed bank would operate from Stamford, Connecticut, with approximately $95 million in initial capital and about 160 employees at launch. Revolut currently serves US customers through a partnership with Lead Bank, an FDIC member institution.
Planned product offerings
Once fully approved, Revolut's US bank would offer checking accounts, credit cards, installment loans, and foreign exchange services. A stablecoin is also planned, though the company has not specified the currency, network, or reserve structure.
The initial three-year plan excludes mortgages but leaves room for business banking products following the consumer launch.
Stablecoin regulatory framework
The stablecoin offering would face separate regulatory oversight under the GENIUS Act, signed into law in July 2025. The legislation limits stablecoin issuance to permitted issuers and grants the OCC authority over reserves, redemptions, audits, and custody arrangements. FDIC insurance would extend to eligible deposits associated with stablecoins.
The OCC has approved conditional charters for multiple cryptocurrency and financial technology firms in recent months, including Coinbase, Paxos, BitGo, Ripple, Circle, and World Liberty Financial. Since 2025, the agency has received 40 de novo charter applications, approving 21 and denying two.
