Revolut Secures Conditional US National Bank Charter Approval
Revolut, a UK-based fintech firm, has received preliminary approval for a national bank charter from the U.S. Office of the Comptroller of the Currency. This paves the way for the establishment of a U.S. banking branch by the middle of 2027, pending further clearance from the FDIC and the Federal Reserve. Chief Executive Officer for the U.S. operations, Cetin Duransoy, expressed optimism about these future approvals. The bank will be based in Stamford, Connecticut, initially employing about 160 people and investing $95 million in capital. Services will include checking accounts, loans, credit cards, and currency exchange. Globally, Revolut serves over 80 million customers.
Key facts
- Revolut received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national bank charter.
- The approval was announced on Thursday.
- Revolut plans to launch a U.S. banking operation by the first half of 2027.
- The proposed bank will be headquartered in Stamford, Connecticut, with about $95 million in capital.
- Revolut still needs approvals from the FDIC and the Federal Reserve.
- Cetin Duransoy is Revolut's U.S. CEO.
- Nik Storonsky is co-founder and CEO of Revolut.
- Revolut has over 80 million customers worldwide and was valued at about $115 billion in a July secondary share sale.
- Revolut secured a full banking licence in the UK in March and in France last month.
- The proposed U.S. bank will offer checking accounts, installment loans, credit cards, and foreign exchange services.
- Revolut expects to launch a stablecoin.
- The bank is expected to start with around 160 employees.
Entities
Institutions
- Revolut
- Office of the Comptroller of the Currency (OCC)
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve
- Reuters
Locations
- United States
- Stamford
- Connecticut
- United Kingdom
- France
- Lithuania
- Europe
- Latin America