Revolut Scores Conditional OCC Approval for US National Bank Plans
Revolut has taken a significant step towards establishing its US national bank. The fintech company announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) for its proposed US national bank, Revolut Bank US, N.A.
The OCC's conditional approval is an important milestone, but Revolut still needs to secure final approval from the OCC and clearances from the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve before it can launch in 2027.
Once launched, the bank will offer a range of services, including loans, credit cards, and FDIC-insured deposits. Revolut customers will also have direct access to stablecoins and cryptocurrencies.
The proposed bank would change the current structure, where Lead Bank provides banking services for prepaid cards, and Cross River Bank issues Visa credit cards and makes personal loans.
Revolut's CEO, Nik Storonsky, said that the conditional OCC approval is 'an important first step' towards establishing the proposed Revolut Bank US.