Revolut Secures Preliminary OCC Approval to Establish US Bank

Summary

• Revolut secured conditional approval to establish a national bank and directly expand its regulated financial services across the United States.
• The company must satisfy OCC requirements covering capital, governance, cybersecurity, compliance, liquidity management, and consumer protection before launching banking operations nationwide.
• The OCC has approved multiple fintech and cryptocurrency charter applications, while Revolut’s international licenses could support its final authorization process.

Revolut secured conditional approval from the Office of the Comptroller of the Currency to establish an American national bank. According to Revolut, the decision moves it closer to directly providing banking products across the United States.

Those services could include loans, stablecoins, credit cards, deposit accounts, and other financial products for American customers. Revolut currently serves customers through partnerships with financial institutions, limiting its direct control over banking operations.

However, a national bank charter could reduce that dependence while giving Revolut authority over products, infrastructure, and customer services. Nik Storonsky described the conditional approval as an important first step for the company’s American expansion.

However, conditional approval does not permit Revolut to immediately operate as a fully authorized national bank. The company must satisfy several OCC requirements before receiving final permission to begin its proposed banking operations.

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OCC Expands Federal Banking Pathway for Fintech Companies

These conditions typically involve capital levels, liquidity management, governance, cybersecurity, compliance procedures, and strong consumer protections. Consequently, Revolut must demonstrate that its proposed institution can operate safely and responsibly under federal banking supervision.

Over the past year, the OCC conditionally approved applications involving Coinbase, Paxos, BitGo, Ripple, and Circle. Additionally, the regulator granted conditional approval to World Liberty Financial, which President Donald Trump’s family supports.

That decision attracted scrutiny concerning potential conflicts of interest involving the president and his family’s cryptocurrency venture. Comptroller Jonathan Gould supports providing federal regulatory pathways for companies using cryptocurrency and other emerging financial technologies.

OCC Application Record and Revolut’s Next Steps

Since 2025, the OCC has received 40 applications from groups seeking to establish new banking institutions. It has approved 21 applications and denied two, while several other submissions remain under regulatory review.

Revolut already holds banking licenses in France, Australia, and the United Kingdom, supporting its broader international expansion. Significantly, that experience could help the company address the OCC’s remaining conditions and prepare its American banking infrastructure.

A national charter could eventually allow Revolut to introduce more regulated products while reducing its reliance on external partners. Revolut must now complete the OCC’s conditions before receiving final authorization to launch its proposed American national bank.

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