The US Office of the Comptroller of the Currency (OCC) has conditionally approved Revolut’s application for a national banking license. This is an important step in the fintech’s efforts to conquer the world’s largest market, Bloomberg writes.
Details
Revolut for obtaining a banking license in the US still needs to secure full approval from the OCC, as well as the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, the company said in a statement. However, the OCC step toward it called it a “significant milestone on the way to the world’s first truly global bank.”
OCC approval opens the way for Revolut to gain direct access to Federal Reserve payment systems, accept customer deposits with federal insurance up to $250,000, and offer personal loans and credit cards, Bloomberg writes. Until now, the service relied on partner banks to provide services in the U.S., the agency noted. After receiving all approvals, Revolut also intends to add stablecoins and cryptocurrencies to its product lineup.
The bank plans to launch in full as a bank in the U.S. market in 2027. Revolut filed an application for a U.S. banking license in March 2026.
“OCC’s conditional approval is an important first step toward the proposed creation of Revolut Bank US,” said Revolut founder and CEO Nikolay Storonsky, whose words are quoted in a company statement. “It provides us with a foundation to develop in the world’s largest financial market and will allow us to offer millions of Americans a complete set of Revolut opportunities.”
The United States is one of Revolut’s key growth markets: the company pledged to invest $500 million in the U.S. market over three to five years, Bloomberg notes.
Context
Revolut was valued at $115 billion as part of a share sale that began in July 2026. The fintech has more than 80 million customers worldwide, making it one of the largest and fastest-growing fintech companies, writes Bloomberg. The service’s next goal is to increase the number of customers to 100 million.
On August 10, Revolut received approval for a full banking license in France. The company plans to open its new Western Europe headquarters in Paris in 2027. Then, the bank plans to roll out to the markets of Germany, Ireland, Italy, Portugal, and Spain in phases. Revolut Bank’s Lithuanian unit will continue serving clients in the remaining countries of the European Economic Area. In March 2026, Revolut was granted a full banking license in its home market — the United Kingdom.
In addition to Europe, Revolut also secured a full license in Mexico in January 2026, which it called one of the key global markets. Also, in October of last year, Revolut received permission from the regulator to establish a bank in Colombia, and in January 2026 the service applied for a banking license in Peru. In Argentina, Revolut acquired local bank Cetelem from BNP Paribas.ㅤ