Revolut secures conditional US bank charter approval

By Divya Shah

UK-based digital bank Revolut has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a US national bank charter to establish a federally regulated banking presence in the country.

The approval follows Revolut’s charter application submitted in March and enables the FinTech to move forward with additional regulatory processes required before launch.

The company will now work with the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the OCC to secure final approvals as it targets the launch of a standalone US bank in 2027.

According to the OCC’s conditional approval letter, Revolut must contribute at least $95 million to cover organisational and pre-opening expenses. The regulator also requires the bank’s US entity to maintain a Tier 1 leverage ratio of at least 10% during its first three years of operation, obtain FDIC deposit insurance, and apply for stock in a Federal Reserve Bank.

Revolut Founder and CEO Nik Storonsky said, “Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”

The new institution will operate as Revolut Bank US NA and will be led by Cetin Duransoy. Other members of the proposed leadership team include chief compliance officer Josh Van Hulst, chief financial officer Robert Treadwell, chief information officer Carlos Selonke, and chief information security officer Richard Valderrama.

Once operational, Revolut Bank US NA plans to offer a range of banking products, including deposits, lending, credit, and digital asset services.

The bank is also expected to gain direct access to key US payment rails, including Fedwire and the Automated Clearing House (ACH) network.

However, the OCC noted that the conditional approval does not cover Revolut’s proposed retail foreign exchange business. The FinTech will be required to obtain a separate supervisory non-objection from the regulator before launching such services.

Over the past year, the company has secured banking licences and regulatory approvals across multiple markets, including the UK, France, Australia, Mexico, and the UAE, as it continues to broaden its global footprint.