Revolut Gets Conditional OCC Approval for US National Bank, Eyes 2027 Launch

Regulatory milestone for Revolut's US expansion

Revolut announced on September 3 that the Office of the Comptroller of the Currency (OCC) has conditionally approved its application to form a US national bank. This moves the fintech company forward from its initial application filed in March.

The approval is not final. Revolut stated it still needs clearance from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, along with final confirmation from the OCC, before it can launch. The company plans to open the bank in 2027.

What US customers will get

Once fully approved, the proposed bank, Revolut Bank US, N.A., will offer a mix of traditional and crypto services directly to US customers.

Services will include loans, credit cards, and FDIC-insured deposits. The bank will also provide access to stablecoins and cryptocurrencies. Stablecoins are digital currencies linked to the value of a asset, like the US dollar.

Key numbers

• Conditional approval granted by the OCC on September 3, 2026.
• Planned launch year is 2027.
• Operations will cover all 50 US states under federal oversight.
• Current products rely on partner banks, including Lead Bank and Cross River Bank.

Shift from partner banks

Currently, Revolut relies on other banks to provide services in the US. Lead Bank handles prepaid card services, while Cross River Bank issues Visa credit cards and personal loans.

The new national bank charter will allow Revolut to operate directly across all 50 states. It will also connect directly to Fedwire and ACH systems, which are networks used for electronic money transfers.

Company statement

Nik Storonsky, founder and CEO of Revolut, called the conditional approval an important first step toward establishing Revolut Bank US.

What happens next

Revolut must complete its approval processes with the FDIC and the Federal Reserve. It also needs to receive final approval from the OCC. The company is working toward the proposed 2027 launch date.

Sources

• The Defiant