Revolut US Banking License Clears OCC, Two Approvals Left

Revolut has cleared a major regulatory hurdle in its long-running push into the United States, securing preliminary approval for a Revolut US banking license from the Office of the Comptroller of the Currency. The decision marks the first concrete sign that the London-based fintech giant could soon operate as a licensed bank inside the world’s largest financial market, though the path to a full launch still runs through two more federal gatekeepers.

Key takeaways

• Revolut received preliminary approval for a US banking license from the Office of the Comptroller of the Currency (OCC).
• The company still needs sign-off from the FDIC and the Federal Reserve before the license becomes final.
• Revolut is targeting a 2027 launch for its proposed US bank, Revolut Bank US.
• CEO Nik Storonsky called the OCC decision a fundamental step into one of the world’s most important financial markets.
• The move is part of a broader expansion that already includes a new bank in Mexico, licenses in France, Australia and the UK, and a customer target of 100 million users by mid-2027.

Revolut’s Preliminary US Banking License Approval

The OCC’s preliminary sign-off gives Revolut a formal, though conditional, green light to build a national banking charter in the United States. It’s a milestone few fintechs of Revolut’s size have reached, and it puts the company on a regulatory track that few European neobanks have successfully navigated before.

What the OCC Approval Covers

The approval issued by the Office of the Comptroller of the Currency lays the groundwork for Revolut to eventually operate under a US bank charter rather than relying on partner-bank arrangements, which is how most fintechs currently offer banking-like services in America. Conditions attached to the OCC’s decision still need to be satisfied before the license is considered complete.

Pending Regulatory Conditions and Approvals

Two more approvals stand between Revolut and a fully operational US bank: authorization from the Federal Deposit Insurance Corporation and clearance from the Federal Reserve. Revolut is currently working through the final requests tied to both agencies. Until those sign-offs land, the OCC approval remains preliminary rather than a finished license.

Strategic Plans for US Market Entry and 2027 Launch

Revolut is aiming to have its US bank, branded Revolut Bank US, up and running by 2027, positioning the launch as the centerpiece of its American growth strategy. Reaching that timeline depends heavily on how quickly the remaining federal approvals come through.

Nik Storonsky’s Perspective on US Expansion

Nik Storonsky, founder and CEO of Revolut, framed the OCC decision as a turning point for the company’s ambitions in America. “This represents a first and fundamental step toward creating our bank in the United States, Revolut Bank US,” Storonsky said. “It provides us with a solid foundation to enter one of the world’s most important financial markets, offering the full Revolut experience to millions of American citizens.”

That statement underlines why this particular approval matters more than a routine regulatory update. The US retail banking market is enormous, and gaining a genuine charter — rather than operating through a partner bank — would let Revolut offer deposit accounts, lending and other core banking products directly under its own name. For a company chasing scale, that distinction changes what services it can realistically sell to American customers.

Global Expansion and Regulatory Achievements

The push into the US is only one piece of a much wider regulatory campaign Revolut has been running across several continents at once. Taken together, these moves show a company trying to convert its European fintech base into a genuinely global banking network.

Growth in Latin America

On the American continent, Revolut expansion America has already produced tangible results. The company recently launched its own bank in Mexico and has been advancing regulatory adjustment processes in Brazil, Colombia, Peru and Argentina — a signal that the US license fits into a much larger regional strategy rather than standing alone.

Banking Licenses in France, Australia, and the UK

Outside the Americas, Revolut secured banking licenses in France, Australia and the United Kingdom during 2026. Each of those approvals adds to a growing list of jurisdictions where Revolut can operate with a full banking status rather than a more limited payments permit.

Other Regional Licenses and Applications

Revolut has also acquired a payments license in the United Arab Emirates and is moving forward with a banking license application in South Africa. Combined with the Latin American rollout and the newly won OCC approval, this string of regulatory wins points to a deliberate strategy: build banking infrastructure in as many major markets as possible before competitors catch up.

The company has set a target of reaching 100 million customers by mid-2027, a goal that would cement its position among the largest fintech operators in the world. Whether that number is reachable depends in large part on how smoothly the FDIC and Federal Reserve approvals move forward — because without a functioning US bank, Revolut’s American growth plans would stay capped by the partner-bank model it currently relies on.

FAQ

What regulatory approvals has Revolut received for its US banking operations?

Revolut has received preliminary approval from the OCC but still needs to satisfy conditions and obtain approvals from the FDIC and Federal Reserve.

When does Revolut plan to launch its US bank?

Revolut plans to launch its US bank by 2027.

What is the strategic importance of the US banking license according to Revolut’s CEO?

Nik Storonsky called the approval a fundamental step to enter one of the world’s most important financial markets and offer Revolut services to millions of Americans.

In which other regions has Revolut expanded its banking operations recently?

Revolut launched a bank in Mexico, is progressing with regulatory processes in several Latin American countries, and obtained banking licenses in France, Australia, and the UK.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.