Revolut Receives Conditional Approval to Establish Federal Bank in United States

Revolut has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national federal bank in the United States. The company is currently processing remaining authorizations with the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). If all final approvals are obtained, Revolut expects to launch its U.S. banking entity in 2027. Once operational, the fintech will be able to offer American customers loans, credit cards, FDIC insured deposits, and access to cryptocurrencies and stablecoins.

This move is part of a broader global expansion. Revolut has already obtained banking licenses in France, Australia, and the United Kingdom, and a payment service provider license in the United Arab Emirates. The company has also established a bank in Mexico and is pursuing regulatory approvals in Brazil, Colombia, Peru, and Argentina, as well as a banking license in South Africa. Revolut currently serves 80 million customers and aims to reach 100 million by mid 2027.

While both reports cover the regulatory milestone, they differ in their analysis of the company's prospects. A center leaning source frames the move as a significant challenge, noting that other European fintechs like Monzo and N26 have previously struggled or withdrawn from the U.S. market. This source also highlights a perceived weakness in Revolut's AI based customer service compared to the trust and physical presence of traditional banks. In contrast, a center right leaning source frames the event as a strategic reinforcement of the company's presence in the American continent.