Revolut has cleared one of three federal hurdles on the path to a US banking license, after the Office of the Comptroller of the Currency (OCC) approved a conditional US national bank charter on Thursday.

The fintech cannot open the bank until the FDIC and the Federal Reserve also give their approval. The company says that step is still more than a year away, with a launch planned for the first half of 2027. For a fintech that has built its model on moving fast, the multi-agency process reflects how US banking entry remains gated by regulators even for firms with tens of millions of customers elsewhere.

Three signatures stand between the charter and deposits

On September 3, the OCC announced its decision to approve Revolut's application to charter an entity called Revolut Bank US, N.A. However, the bank is not yet authorized to accept deposits.

Revolut still needs to satisfy the conditions set by the OCC, secure FDIC deposit insurance and the Fed's approval, and then return to the OCC for final sign-off. The company said it began the charter process with its application in March.

"We're grateful for the OCC's open and transparent dialogue throughout this process," Revolut US CEO Cetin Duransoy said, according to the company's announcement. The timetable keeps the firm "on track for a 2027 launch of our proposed national bank," he said.

The proposed bank would be based in Stamford, Connecticut, with about $95 million in initial capital and roughly 160 employees once operational. Revolut currently serves American customers through Lead Bank, an FDIC member, rather than under its own charter. With the charter in place, it could hold deposits without relying on a partner for the underlying accounts. Moving off a partner-bank model would let Revolut keep more of the economics of its US deposit and lending business in-house, though that shift only takes effect once all three approvals land.

Once regulators clear the bank, its product lineup is expected to include checking accounts, credit cards, installment loans, and foreign exchange. A stablecoin is also on that list, although Revolut has not identified its currency, network, or reserve setup. Business banking could follow after the consumer launch. The first three-year plan does not include mortgages.

The GENIUS Act decides the stablecoin's fate

A bank charter alone would not clear the path for Revolut's token. In the US, payment stablecoins fall under the GENIUS Act, signed into law in July 2025, which limits issuance to permitted issuers and gives the OCC authority over reserves, redemptions, audits, and custody. Once granted, FDIC insurance would extend to eligible deposits.

According to Cryptopolitan, stablecoin transfer volume on Revolut hit a record $1.2 billion in December 2025.

Revolut is applying for the charter amid a broader shift at the OCC toward granting fintech and crypto firms direct federal supervision. Over the past year, Coinbase, Paxos, BitGo, Ripple, and Circle have all obtained conditional approvals from the OCC. The agency also approved President Donald Trump's World Liberty Financial last month.

OCC chief Jonathan Gould said firms working with crypto and other new technology should "have a pathway to become federally supervised banks." Since 2025, the agency has received 40 de novo charter applications, with 21 approved and two denied.

Conditional approval "gives us the foundation to build in the world's largest financial market and bring the full Revolut experience to millions of Americans," Revolut founder and group CEO Nik Storonsky said.

The company has more than 80 million customers globally. It has added bank charters in France, Australia, and the UK, along with a UAE payments license, the company said. The US approval timeline now depends on how quickly the FDIC and the Fed act, and whether Revolut meets the OCC's remaining conditions.