Revolut Clears OCC Hurdle, Eyes Full-Fledged US Bank Status
Revolut has taken a significant step towards becoming a full-fledged bank in the US after receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national bank charter.
The London-based fintech, which currently serves around 1 million US customers through a partnership with Lead Bank, plans to operate under the name Revolut Bank US, N.A. and will have direct access to Federal Reserve payment infrastructure.
This means that Revolut will no longer need to navigate a patchwork of state-by-state money transmission licenses and can operate across all 50 states under a single federal framework.
The company has already invested around $500 million in its US expansion and is targeting the first half of 2027 for its US bank debut, with plans to capitalize Revolut Bank US, N.A. with approximately $95 million.