Key Takeaways
- Revolut won conditional OCC approval for a U.S. bank charter in six months.
- A charter could cut reliance on partner banks and intensify U.S. fintech and crypto competition.
- Revolut targets H1 2027 launch, pending FDIC, Fed, and final OCC approvals.
Revolut Eyes US Stablecoins After Clearing Key OCC Hurdle
Revolut has moved a major step closer to becoming a full-service U.S. bank, potentially giving one of Europe’s largest fintech companies a much stronger foothold in the world’s biggest financial market.
The U.K.-based company, which serves more than 80 million customers and could go public in the next two years, received conditional approval from the Office of the Comptroller of the Currency for Revolut Bank US.
The proposed bank, based in Stamford, Connecticut, is targeting a first-half 2027 launch. Revolut still needs approvals from the Federal Deposit Insurance Corporation, the Federal Reserve, and final OCC clearance.
Once approved, it plans to offer checking accounts, loans, credit cards, and foreign exchange. Stablecoins and broader crypto services are expected to follow.
“Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to bring the full Revolut experience to millions of Americans,” founder and CEO Nik Storonsky said.
Six-Month Approval Draws Industry Attention
The speed of the decision stood out. Revolut U.S. CEO Cetin Duransoy said the OCC was both “diligent and expedient” during the process, allowing the company to stay on schedule for 2027.
Fintech commentator Simon Taylor highlighted that contrast, noting that Wise and Bunq faced setbacks in their own U.S. charter efforts. He also pointed out that Revolut secured conditional approval in six months, compared with years of regulatory work in the U.K.
He said direct access to FDIC-insured deposits, lending, credit cards, stablecoins and federal payment infrastructure would allow Revolut to move beyond its current reliance on Lead Bank.
Revolut Joins a Bigger US Fintech Race
Max Karpis described the approval as a hurdle that Monzo, Wise and Bunq had failed to clear. “Now Revolut is in a similar situation to Nubank,” he wrote, adding: “The race is on!”
Nubank also received conditional US charter approval this year, putting two of the largest digital banks outside China on a path toward deeper U.S. expansion.
FT Partners’ Steve McLaughlin was even more bullish. He said Revolut could become a “multi-trillion dollar company” over the next 10 to 20 years, citing its pace of product expansion and global growth.
The timing is striking. Revolut reported $6 billion in 2025 revenue and $2.3 billion in pre-tax profit, while continuing to expand its banking footprint across Mexico, Brazil, Colombia, Peru and Argentina.
It has also secured banking or payments approvals in France, Australia, the UK and the UAE, while pursuing additional licenses elsewhere. Revolut says it remains on track to reach 100 million customers by mid-2027.
The implications extend into crypto. Revolut already offers bitcoin and digital-asset services in multiple markets, and a U.S. banking charter could eventually bring traditional banking, stablecoins and bitcoin access under one regulated roof.
For U.S. banks, fintechs and crypto platforms, Revolut gaining its own charter could materially change the competitive landscape.
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