Revolut just cleared the biggest regulatory hurdle standing between it and the American banking market. The Office of the Comptroller of the Currency granted the London-based fintech provisional approval to establish Revolut Bank US, N.A., a new national bank charter that could fundamentally reshape how the company operates stateside.
The approval, handed down on September 2, means Revolut can begin building the infrastructure for FDIC-insured deposits, lending products, and direct access to US payment rails. The company won’t need to piggyback on partner banks anymore to offer Americans basic financial services.
From partner-dependent to fully licensed
Revolut submitted its application for the national bank charter on March 5, and the turnaround was remarkably swift by banking regulatory standards. The company had previously explored acquiring an existing US bank, but pivoted to applying for a fresh charter instead, a decision that appears to have paid off under what the company views as a more favorable regulatory environment.
The new charter unlocks a suite of capabilities that Revolut has long coveted. Credit cards, personal loans, Fedwire and ACH payment system access, and FDIC-insured deposits will all fall under one regulatory roof. For a fintech that currently serves about 1 million US customers through a patchwork of banking partnerships, this is the difference between renting and owning.
Revolut is backing the bet with $500 million committed to US expansion and banking operations. To lead the charge, the firm tapped Cetin Duransoy as CEO of US operations. Duransoy’s resume includes stints at both Visa and Capital One.
Full operations aren’t expected to begin until 2027, pending additional approvals from the Federal Reserve and the FDIC.
A global banking strategy takes shape
The US charter is part of a much larger pattern. Revolut secured a full UK banking license in March 2026, ending a lengthy mobilization phase that had constrained its operations in its home market.
Founded a little over a decade ago, Revolut has grown into one of Europe’s most valuable private tech companies, valued at roughly $75 billion. The firm currently claims between 70 and 75 million users globally, with ambitions to hit 100 million by mid-2027.
Stablecoins in the banking mix
Perhaps the most interesting wrinkle in Revolut’s US banking plans is the incorporation of stablecoin services alongside traditional products. The company has signaled that its US bank will offer crypto-related capabilities, positioning itself at the intersection of conventional finance and digital assets. The company has offered cryptocurrency trading to its global user base for years and views digital assets as a core product category.