Revolut has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national bank charter, the company said on Thursday. The British fintech plans to inject approximately $95 million in capital into the new U.S. banking entity, which will be headquartered in Stamford, Connecticut.
The conditional approval marks a key step toward Revolut’s goal of establishing a fully operational U.S. bank by 2027. The company anticipates launching the bank in the first half of 2027, pending additional regulatory clearances from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, according to Cetin Duransoy, Revolut’s U.S. CEO.
Revolut, which serves 80 million customers globally, aims to offer a range of banking services including checking accounts, installment loans, credit cards, foreign exchange, and stablecoin operations. The new bank will leverage Revolut’s existing infrastructure in Europe and Latin America to provide multicurrency capabilities. The fintech has already secured banking licenses in France and the UK, with the latter granted in March.
The Stamford-based operation is expected to employ around 160 staff at launch, as Revolut expands its footprint in the U.S. market amid broader efforts to diversify its geographic and product offerings.
