Key highlights:

  • Revolut has clinched OCC approval for a US national bank charter, moving it closer to launching in 2027
  • The proposed bank plans to offer crypto and stablecoin services alongside checking accounts, credit cards, loans, and FX products
  • Revolut still needs FDIC and Federal Reserve approvals, plus financial OCC authorization, before it can begin operating as a bank

Revolut has secured conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national bank in the United States, bringing the fintech closer to offering cryptocurrency services to American customers. The approval marks a significant step toward Revolut’s planned 2027 US banking launch, but there are still additional regulatory clearances before the proposed bank can begin operations.

Revolut moves closer to US banking launch

The OCC granted preliminary conditional approval for Revolut Bank US, the proposed national bank that Revolut plans to establish in Stamford, Connecticut. The regulator’s decision allows the company to continue preparations while it works through the remaining requirements.

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

Source: Jevgenijs Kazanins on LinkedIn

However, the approval does not mean Revolut can immediately operate as a US bank. The company still requires approval from the Federal Deposit Insurance Corporation (FDIC), authorization from the Federal Reserve, and final approval from the OCC before opening the bank.

Revolut disclosed that it is on track for a 2027 launch, hinting at a frantic pace to tick all regulatory boxes. Already, the company plans to invest up to $95 million in the US operation and expects to hire up to 160 employees.

Upon launch, the proposed bank will give Revolut a broader platform for its US crypto ambitions. Once all required approvals are secured, Revolut plans to offer customers traditional financial products including checking accounts, credit cards and installment loans alongside cryptocurrency and stablecoin services.

The combination will allow Revolut to bring its existing digital-asset offering into a more comprehensive banking relationship with US customers rather than relying solely on banking partners. Last week, Revolut launched EURR, a euro-pegged stablecoin, marking its first step into the stablecoin market.

Crypto firms are racing to become US banks

Zooming out from the Revolut announcement, a growing group of cryptocurrency companies is seeking national banking and trust charters from the OCC. Revolut’s latest conditional approval adds momentum to a charter race that includes Coinbase, Circle, Ripple, Crypto.com, BitGo and Fidelity Digital Assets.

Back in July, Circle received final OCC approval to establish Circle National Trust. The entity will provide fiduciary digital-asset custody services and is expected to support the company’s broader USDC infrastructure.

A national trust bank generally cannot take insured deposits or make ordinary commercial loans. However, its appeal to crypto companies lies in services such as custody, fiduciary activities, settlement, and stablecoin infrastructure.