Revolut clears first hurdle to US banking licence

Fintech company Revolut has received conditional approval from the US Office of the Comptroller of the Currency (OCC) for its long-awaited US banking licence, according to a statement from the OCC. This marks a significant milestone for Revolut as it aims to establish itself as a full-fledged bank across the American market. The OCC's decision allows Revolut to begin operating as a bank, subject to certain conditions that must be met.

Damisola Sulaiman, Sifted's fintech reporter based in London, covers fintech trends including (neo)banking, buy now pay later, payments, and the startup scene in her weekly newsletter. The move comes amid growing concerns within Revolut about the impact of founder Anne Boden's departure on company morale, with reports of a staff exodus, including compliance professionals joining competitor Monzo.

Despite these challenges, Revolut continues to innovate, recently launching its own AI research unit in partnership with Nvidia to develop in-house machine learning models.