Revolut Secures Conditional Approval for US National Bank Charter

Revolut has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to form a US national bank, marking a significant milestone in its expansion plans. The fintech company aims to launch the new bank in Stamford, Connecticut, with an initial capital contribution of approximately $95 million by 2027.

The proposed bank, Revolut Bank US, N.A., will offer a range of services, including checking accounts, credit cards, installment loans, foreign exchange, and a stablecoin. The company has also listed multicurrency deposits, investment accounts, stock trading, and crypto trading among its planned products.

Revolut currently serves US customers through Lead Bank, an FDIC member, but the new national charter will enable it to provide covered banking products directly. The OCC's conditional approval is a crucial step towards the 2027 launch, which Revolut expects to employ about 160 people.