Revolut Gets Conditional OCC OK for US Banking Charter

FinTech company Revolut has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for its proposed U.S. national bank charter, bringing it one step closer to launching the service next year. Founder and CEO Nik Storonsky stated that this "conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US," providing the foundation to enter the world's largest financial market and deliver the full Revolut experience to millions of Americans.

Revolut is now working on obtaining final approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve to complete the process. Once all approvals are in place, Revolut will be able to offer U.S. customers a range of banking products, including loans, credit cards, FDIC-insured deposits, stablecoins, and cryptocurrencies.

The company's planned U.S. launch is part of its broader expansion efforts, which have already resulted in regulatory approvals in several countries, including Mexico, Brazil, Colombia, Peru, Argentina, France, Australia, the U.K., the UAE, and South Africa. Revolut aims to reach 100 million customers by mid-year and has already launched a European stablecoin called EURR, pegged to the euro, which is being rolled out first to customers in Denmark, Poland, and Portugal.