Revolut Clears One Hurdle for US Bank Charter, Still Faces Regulatory Approval

Revolut, a fintech company, has taken a significant step towards launching its own US national bank. The Office of the Comptroller of the Currency (OCC) approved the company's application for a conditional charter on September 3, but it still needs to satisfy conditions set by the OCC and obtain approval from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.

The proposed national bank would be based in Stamford, Connecticut, with an initial capital of $95 million and plans to hire around 160 employees. Revolut currently serves American customers through Lead Bank, an FDIC member, but a charter of its own would allow it to hold deposits without relying on a partner.

The company's CEO, Cetin Duransoy, said they are 'grateful' for the OCC's open dialogue throughout the process and remain 'on track' for a 2027 launch. Revolut plans to offer checking accounts, credit cards, installment loans, and foreign exchange services once it receives regulatory clearance.

The company also mentioned that it will include a stablecoin in its product list, but has not revealed any details about the currency, network, or reserve setup. However, this move would be subject to the GENIUS Act, which limits issuance of payment stablecoins and requires OCC oversight.