Revolut Clears OCC Hurdle for US Banking Launch
Revolut has cleared a significant hurdle in its bid to become a US bank. The fintech company, which is already active in over 30 countries, has secured conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national bank charter.
This move brings Revolut closer to launching its banking operations in the United States by 2027. The proposed bank, Revolut Bank US, plans to offer a range of services including checking accounts, credit cards, loans, and FX products alongside cryptocurrency and stablecoin services.
The OCC's conditional approval allows Revolut to continue preparations while it works through the remaining requirements. However, the company still needs approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve before it can begin operating as a bank.
Nik Storonsky, Revolut's founder, expressed his enthusiasm for the development, stating that it 'gives us the foundation to build in the world's largest financial market and bring the full Revolut experience to millions of Americans.'