Revolut’s proposed US bank would aid payment access, speed and a deeper stablecoin offering.
Revolut has taken its first step toward operating as a bank in the US, securing conditional approval from the Office of the Comptroller of the Currency (OCC).
A banking licence would allow the fintech to offer a range of products to US customers, including deposits, credit cards and lending, as well as gain more control over the infrastructure supporting payments and transfers.
Expanding further into the US could also boost the bank’s existing base of more than 80 million customers and support its ambition to reach 100 million by the middle of 2027, which aligns with the planned launch of Revolut Bank US.
“Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US,” said Nik Storonsky, Founder and CEO of Revolut. “It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”
Revolut faced a lengthy regulatory process before securing a banking licence in its home market of the UK, but the fintech has suggested its US application has progressed much more smoothly.
The fintech applied for a UK banking licence in 2021 and received authorisation with restrictions from the Prudential Regulation Authority in July 2024. The challenger entered a mobilisation period as it completed the operational work required to launch as a bank, with restrictions lifted in March 2026.
Revolut US CEO Cetin Duransoy said: “We’re grateful for the OCC’s open and transparent dialogue throughout this process. They were both diligent and expedient with our application, allowing us to remain on track for a 2027 launch of our proposed national bank.”
However, there are regulatory hurdles to clear before the launch can happen, including gaining approval from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, as well as final clearance from the OCC.
Revolut to take control
In the US, Revolut relies on Lead Bank to provide banking services and issue its prepaid Visa and Mastercard cards. When applying for the charter in March, the fintech picked out direct access to US payment networks as one of the biggest advantages of becoming a bank.
Once approval is secured, it could connect directly to ACH, which underpins bank account transfers across the country, and Fedwire, the Federal Reserve’s real-time gross settlement system for high-value payments.
The bank believes cutting some of its reliance on partner infrastructure could make transfers faster, more reliable and cost-efficient.
The licence would also hand the fintech more control over how payment products are developed and offered to US customers, meaning cards, transfers, deposits and lending would all be under one roof.
Don’t forget about stablecoins
Stablecoins could become another part of Revolut’s US payments proposition, with the fintech highlighting access to the assets in its official announcement.
The US has become an attractive market for stablecoin providers since the GENIUS Act created a federal framework for payment stablecoins and gave companies.
The regulation has encouraged more firms to pursue bank and trust charters tied to stablecoin activity. Sony Bank, for example, received preliminary conditional approval from the OCC in July to establish Connectia Trust, a US national trust bank that plans to issue and manage a dollar-backed stablecoin.
Last month, Revolut launched EURR, a euro-denominated stablecoin issued by Stripe-owned Bridge, which is currently available in Denmark, Poland and Portugal. EURR aims to make it easier for customers to move between traditional euros and on-chain finance.
However, the fintech’s use of stablecoins predates this month. Revolut introduced 1:1 conversions between fiat currencies and USDC and USDT in October 2025, with stablecoin transaction flow across the platform surpassing $10bn.
