Key Highlights
- The Office of the Comptroller of the Currency granted Revolut preliminary approval for a US national banking charter
- Full banking operations are targeted to begin during the first six months of 2027
- Stamford, Connecticut will serve as headquarters for the new banking entity with approximately 160 staff members
- Service offerings will encompass checking accounts, credit products, installment financing, and digital currency solutions
- The approval places Revolut alongside Coinbase, Paxos, BitGo, Ripple, and Circle in the OCC’s conditional approval pipeline
London-based fintech powerhouse Revolut has secured preliminary authorization from the Office of the Comptroller of the Currency to establish banking operations in the United States.
The global financial technology firm, serving 80 million users across multiple continents, made the announcement Thursday. Founder and CEO Nik Storonsky described the development as “an important first step” in delivering comprehensive Revolut services to the US market.
Understanding the Regulatory Pathway
While the OCC authorization represents significant progress, Revolut must navigate additional regulatory checkpoints. The company awaits approval from both the Federal Deposit Insurance Corporation and the Federal Reserve before commencing complete banking activities.
US CEO Cetin Duransoy outlined the anticipated schedule during a recent interview, projecting operations to begin during early to mid-2027.
The fintech giant intends to allocate approximately $95 million in capital toward establishing the banking operation. Operations will be centered in Connecticut’s Stamford location, staffed by roughly 160 banking professionals.
Product offerings will feature standard checking services, personal loans with payment plans, credit card products, and currency exchange capabilities. Additionally, Revolut aims to introduce a proprietary stablecoin for American consumers.
The strategy includes leveraging existing international infrastructure, linking US banking services with established operations throughout European and Latin American markets to provide cross-border financial solutions.
Expanding Wave of Fintech Banking Approvals
Revolut’s application represents part of a broader trend of cryptocurrency and fintech companies pursuing traditional banking licenses. Throughout recent months, the OCC has issued preliminary approvals to numerous digital asset firms, including Coinbase, Paxos, BitGo, Ripple, and Circle.
OCC leadership under Jonathan Gould has publicly advocated for providing cryptocurrency and innovative technology companies access to federal banking supervision. This regulatory approach marks a distinctly accommodating posture toward emerging financial technologies.
Beginning in 2025, the regulator processed 40 new charter applications, approving 21 while rejecting two submissions.
World Liberty Financial, associated with former President Donald Trump’s family interests, received similar conditional authorization recently, though the approval sparked debate regarding potential conflicts of interest.
Internationally, Revolut has systematically expanded its licensed banking presence. The company obtained UK banking authorization in March 2026, followed by French regulatory approval the subsequent month. Australian banking credentials have also been secured.
Securing American banking credentials would constitute Revolut’s most significant geographic expansion. The United States commands the globe’s largest and most influential financial services sector.
Final clearance from the FDIC and Federal Reserve remains necessary before public launch, with the company maintaining its early 2027 operational target.
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