Revolut Gets Conditional US Bank Approval, Eyes 2027 Launch

Revolut, the fintech company, has received conditional approval from the Office of the Comptroller of the Currency (OCC) for its proposed US national bank. The OCC's conditional approval is a significant step towards Revolut's goal of establishing a federally chartered bank in the United States.

The proposed bank, called Revolut Bank US, N.A., would offer a range of banking products to US customers, including loans, credit cards, and FDIC-insured deposits. It would also provide access to stablecoins and cryptocurrencies.

Revolut currently relies on partner banks to provide some of its US-based services, but the proposed bank would allow it to operate directly in all 50 states under federal oversight. The company has stated that it plans to launch the new bank in 2027, pending final approval from the OCC and other regulatory bodies.

Revolut's founder and CEO, Nik Storonsky, said in a statement that the conditional approval is an 'important first step' towards establishing the proposed bank. However, the company still needs to complete several steps before it can launch, including obtaining approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.