Revolut receives conditional OCC approval for US national bank charter

Sep 3, 2026

On September 3, 2026, the Office of the Comptroller of the Currency (OCC) granted conditional approval for Revolut to form a US national bank, Revolut Bank US, N.A., in Stamford, Connecticut. While this marks a major milestone for the London-based fintech, Revolut must still secure approvals from the FDIC and the Federal Reserve before its planned 2027 launch. Once fully authorized, the bank will offer insured deposits, credit cards, loans, and crypto access, moving away from its current reliance on partner banks like Lead Bank.

OCC conditional charter approval

▪Revolut's application for the US national bank charter was originally filed in March 2026.
▪The OCC has received 40 de novo charter applications since 2025, approving 21 and denying two.
▪Other firms that have recently obtained conditional OCC approvals include Coinbase, Paxos, BitGo, Ripple, Circle, and World Liberty Financial.
▪On September 3, 2026, the Office of the Comptroller of the Currency (OCC) granted conditional approval to Revolut's application to charter a national bank called Revolut Bank US, N.A.

FDIC Federal Reserve clearances needed

▪The conditional OCC approval granted on September 3, 2026, does not yet authorize Revolut Bank US, N.A. to accept customer deposits.
▪To fully operate the proposed bank, Revolut must still secure approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, followed by final OCC approval.

Planned 2027 US launch

▪Revolut plans to launch its proposed US national bank in the first half of 2027.
▪The proposed Revolut Bank US, N.A. will be based in Stamford, Connecticut, and plans to hire about 160 people when operational.

Credit cards loans deposits

▪Once fully approved, Revolut Bank US, N.A. plans to directly offer checking accounts, credit cards, installment loans, and foreign exchange to US customers.
▪Obtaining a US national bank charter will allow Revolut to hold customer deposits directly and access Federal Reserve payment systems without relying on partner banks.

Stablecoin cryptocurrency access

▪Revolut plans to offer access to stablecoins and cryptocurrencies as part of its US banking platform, contingent on regulatory approvals.
▪Payment stablecoins issued by banks in the US are subject to the GENIUS Act of July 2025, which limits issuance to permitted issuers and grants the OCC authority over reserves, redemptions, audits, and custody.
▪Stablecoin transfer volume on Revolut reached a record $1.2 billion in December 2025.

Current Lead Bank partnership

▪Revolut currently serves US customers by relying on partner banks, including Lead Bank for banking services and Cross River Bank for issuing credit cards and personal loans.
▪Revolut has approximately 80 million customers globally and has secured bank licenses in France, Australia, the United Kingdom, and Mexico.