Revolut has secured conditional approval from the US Office of the Comptroller of the Currency for a national bank charter, founder Nik Storonsky announced today via LinkedIn. The fintech giant pivoted to pursuing this direct charter path in January after abandoning earlier acquisition-based entry plans into US banking. The conditional approval does not authorize immediate operations as a full national bank. Revolut must still complete substantial regulatory requirements with the OCC, Federal Deposit Insurance Corporation, and Federal Reserve before launching services. Storonsky emphasized this represents years of infrastructure work but acknowledged it’s not the finish line.
The move positions Revolut to eventually offer its complete product suite to US customers directly, marking a critical expansion for the eleven-year-old company that originally focused on foreign exchange savings. The approval follows intensive development of technology and compliance controls necessary for global banking operations.
FXnCO Insight
Traders should monitor regulatory timeline updates closely, as full US market access could significantly impact Revolut’s competitive positioning against established digital banks and traditional institutions in American payment processing and FX markets.
Source: Finance Magnates