Revolut Wins OCC Conditional Approval for U.S. National Bank Charter

A milestone for European fintech in America

Revolut Ltd. received conditional approval from the Office of the Comptroller of the Currency on September 3, 2026, to operate as a national bank in the United States—a major step in the London-based fintech's effort to compete in the world's largest financial market. The proposed entity, Revolut Bank US, National Association, would be headquartered in Stamford, Connecticut, with no physical branches.

The approval would eventually allow Revolut to directly access Federal Reserve payment systems, accept customer deposits federally insured up to $250,000 per account, and offer personal loans and credit cards. Revolut currently serves roughly one million U.S. customers through a partnership with Lead Bank rather than its own charter.

Conditions before opening

Conditional approval is preliminary and does not authorise Revolut to begin banking operations immediately. The company must satisfy OCC pre-opening requirements, secure federal deposit insurance from the FDIC, and obtain approval from the Federal Reserve before receiving final authorisation to open. Revolut filed its charter application with the OCC and FDIC in March 2026.

The OCC also approved a waiver request covering residency requirements for the entity's board of directors. Notably, the initial green light does not cover Revolut's proposed retail foreign exchange business, which will require a separate written non-objection from the OCC before it can launch.

Capital, staffing, and product plans

Revolut expects the proposed bank to receive an initial capital contribution of approximately $95 million and to employ about 160 people. The company is targeting a launch in the first half of 2027. Planned products include checking accounts, debit and credit cards, installment loans, foreign exchange services, and—according to company statements—stablecoin and cryptocurrency access.

Minimum required capital is $95 million with a tier 1 leverage ratio of 10% for the first three years, according to regulatory filings. Founder and CEO Nik Storonsky called the decision an important first step toward establishing Revolut Bank US, while U.S. CEO Cetin Duransoy said the firm was grateful for the OCC's open and transparent dialogue throughout the process.

What the charter changes for fintech competition

A national bank charter removes Revolut's dependency on partner banks, giving it direct control over product design, compliance, and customer relationships. Globally, Revolut has passed 75 million customers, and a U.S. charter would let it compete more directly with established neobanks and traditional banks for deposits and lending.

The approval places Revolut among a small group of fintechs that have reached this stage of the U.S. licensing process. Whether it succeeds will depend on navigating the remaining FDIC and Federal Reserve approvals, building the required compliance infrastructure, and competing in a market where incumbents and other chartered neobanks are already well established.