Revolut has received preliminary authorization from the OCC to establish a national bank in the US. If it completes the remaining approvals, the company could link straight into Federal Reserve payment rails, take deposits covered by federal insurance up to $250,000 per account and introduce lending offerings like personal loans and credit cards. Up to now, Revolut's US services have been delivered through partner banks rather than its own bank entity. The firm said it is still working through outstanding applications and approvals with the Federal Deposit Insurance Corp. and the Federal Reserve, along with final approval from the OCC.
"Being a bank is only going to make our life better," said Cetin Duransoy, Revolut's US chief executive officer. "Not necessarily easier, but better in offering an even more diverse set of products." Duransoy previously held senior roles at Visa Inc. and Capital One Financial Corp., and most recently led savings platform Raisin. Founder and CEO Nik Storonsky called the conditional decision "an important first step towards establishing the proposed Revolut Bank US," adding that it creates the base to expand within the world's largest financial market and deliver the complete Revolut experience to millions of Americans.
The US is a priority growth market for Revolut; in July, it began a share sale during which the company was valued at $115 billion. The company has boosted marketing, including a free subway ride promotion for New Yorkers. Its US team numbers a bit over 100 people, and the company had previously said that headcount would increase upon charter approval.
Globally, Revolut says it serves more than 80 million customers and is aiming for 100 million. In February, it launched its first major banking operation outside Europe in Mexico.
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Revolut announced in March that it had applied for a US bank charter. More broadly, a wave of fintech and digital asset firms have pursued OCC and FDIC charters, with executives pointing to a friendlier regulatory climate under the Trump administration. Overseas, Revolut first sought a UK banking license in 2021 and entered the Prudential Regulation Authority's mobilization stage in July 2024, functioning as a bank under restrictions until the regulator is satisfied it can become a full lender. The company also holds banking licenses in Australia and France.
If Revolut clears the remaining approvals, you could see a single app that handles spending, saving, and borrowing backed by its own US bank infrastructure rather than partner banks. That would add another heavyweight competitor for your everyday banking, which often translates into more product options, richer perks, and tighter pricing as providers try to earn a spot on your home screen.
