Revolut Wins Provisional US Banking License with OCC Approval
Revolut, the London-based fintech company, has cleared a significant regulatory hurdle in its bid to enter the US banking market. The Office of the Comptroller of the Currency (OCC) has granted the firm a provisional approval to establish Revolut Bank US, N.A., a new national bank charter.
The approval means that Revolut can start building the infrastructure for FDIC-insured deposits, lending products, and direct access to US payment rails. This is a major breakthrough for the company, which has been operating in the US through partnerships with existing banks.
Revolut submitted its application for the national bank charter on March 5, and the turnaround was remarkably swift by banking regulatory standards. The company had previously explored acquiring an existing US bank but decided to apply for a fresh charter instead.
The new charter unlocks a suite of capabilities that Revolut has long coveted, including credit cards, personal loans, Fedwire, and ACH payment system access. For a fintech that currently serves about 1 million US customers through a patchwork of banking partnerships, this is the difference between renting and owning.
Revolut is backing its bet with $500 million committed to US expansion and banking operations. To lead the charge, the firm tapped Cetin Duransoy as CEO of US operations, who has stints at both Visa and Capital One under his belt.