Revolut Receives Conditional Approval for US Banking License
2 sources across 2 countries · Brazil · United Kingdom
Who reported this
- CNN Brasil
- Reuters
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.
Political lean is comparable inside one country and not across them, which is why the bar groups by country first. Publicly funded broadcasters are not marked as state-linked.
The owner of each outlet is listed as a matter of record, not as a judgement about the outlet.
Every outlet covering this story shares the same political lean; read with that in mind.
The Office of the Comptroller of the Currency (OCC) has granted Revolut conditional approval to establish a national bank in the United States. This initial endorsement is a first step in a process that still requires authorization from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). The company expects the full process to extend until 2027, as institutions typically receive final approval within 12 to 18 months following this stage.
Nik Storonsky, the founder and CEO of Revolut, stated that the approval provides the foundation to bring the company's full experience to millions of Americans. Cetin Duransoy, the CEO of Revolut in the US, noted that the OCC conducted the application process with rigor and agility.
Founded in 2015 in the United Kingdom, Revolut is one of the world's largest fintechs with over 80 million customers. The company was valued at 115 billion US dollars in a secondary share offering in July. This move follows a broader trend of financial institutions seeking space in the US economy, including Nubank, which also received conditional OCC approval earlier this year. Revolut has recently obtained banking licenses in the United Kingdom, France, and Australia, while advancing its process in South Africa.
How each side framed it
- Centre
- Outlets of this lean framed the event as a strategic expansion and a milestone in a regulated regulatory process.
Sources
100% of the statements in this article were traced back to the source articles listed above.