Revolut Clears Key Hurdle in US Expansion Plans with Preliminary Banking License Approval

Revolut has made significant strides in its bid to enter the US market by securing preliminary approval for a banking license from the Office of the Comptroller of the Currency (OCC). This decision marks a crucial milestone for the London-based fintech giant, which is targeting a 2027 launch for its proposed US bank, Revolut Bank US. The company still needs to satisfy conditions and obtain approvals from the Federal Deposit Insurance Corporation and the Federal Reserve before the license becomes final.

The OCC's preliminary sign-off gives Revolut a formal green light to build a national banking charter in the United States. It's a milestone few fintechs of Revolut's size have reached, and it puts the company on a regulatory track that few European neobanks have successfully navigated before. The approval covers the groundwork for Revolut to eventually operate under a US bank charter rather than relying on partner-bank arrangements.

Nik Storonsky, founder and CEO of Revolut, framed the OCC decision as a turning point for the company's ambitions in America. 'This represents a first and fundamental step toward creating our bank in the United States, Revolut Bank US,' Storonsky said. 'It provides us with a solid foundation to enter one of the world's most important financial markets, offering the full Revolut experience to millions of American citizens.'

The push into the US is only one piece of a much wider regulatory campaign Revolut has been running across several continents at once. The company has already launched its own bank in Mexico and secured banking licenses in France, Australia, and the UK.