Revolut gets conditional OCC approval for US bank charter

Revolut received conditional OCC approval for a US bank charter, moving it toward $250,000 insured deposits and credit products.

The Office of the Comptroller of the Currency granted the conditional approval, while Revolut said the charter process is not complete. The London-based financial-technology company still needs remaining approvals from the Federal Deposit Insurance Corp., the Federal Reserve and the OCC before it can operate under the new structure.

OCC opens regulated bank door

The approval would eventually let Revolut connect directly to Federal Reserve payment systems, according to the company. It would also allow the firm to accept customer deposits with federal insurance of up to $250,000 per account and offer personal loans and credit cards.

Those permissions matter because Revolut has relied on partner banks for its US services rather than holding the banking license itself. A national bank charter would move more of the regulatory, product and balance-sheet stack inside Revolut, though the company said the remaining applications are still being processed.

Cetin Duransoy, Revolut’s US chief executive officer, framed the charter as a product-expansion tool rather than an operational shortcut. “Being a bank is only going to make our life better,” he said, adding that it would be “Not necessarily easier, but better in offering an even more diverse set of products.”

$500 million US campaign

Revolut has treated the US as a priority market, committing $500 million over three to five years, according to the supplied company details. The firm was valued at $115 billion in a share sale that began in July, a figure that placed its US push inside a larger fight to turn scale in Europe into banking share elsewhere.

The company has also increased marketing in the US, including a campaign that offered free subway rides to New Yorkers. Its US team has just over 100 employees, and the company previously said the headcount would grow after charter approval.

Duransoy joined Revolut after senior roles at Visa Inc. and Capital One Financial Corp., and most recently led the savings platform Raisin. That background gives Revolut a US leadership profile tied to cards, consumer finance and deposit products, the same areas a bank charter would support.

Fintech charters draw interest

Revolut is not alone in testing the US bank-charter route. Fintech and digital-asset companies have sought approvals from the OCC and the FDIC as business leaders describe a more receptive regulatory setting under President Trump’s administration.

The mechanism is straightforward: a charter can reduce dependence on sponsor-bank relationships, widen product control and place a fintech inside the bank-regulatory perimeter. It can also add capital, compliance and supervisory obligations that are heavier than the operating model many app-based finance companies used in their first phase.

For Revolut, the near-term company effect depends on how quickly the remaining approvals arrive and what conditions regulators attach. For the sector, the decision gives other fintechs a live example of a large app-based company moving from distribution into licensed banking infrastructure.

Three paths through approvals

If the FDIC, Fed and OCC processes finish on terms Revolut can absorb, the company could add insured deposits, lending and card products while reducing reliance on partner banks. The wider industry effect would be more pressure on sponsor-bank models, while the global macro channel would run through payment competition and consumer-credit pricing rather than a direct growth shift.

If approvals take longer or come with tighter limits, Revolut’s US spending plan would remain exposed to a slower product rollout. That would keep the company dependent on partners for longer, limit its immediate challenge to incumbent banks and leave the macro effect largely confined to fintech funding and compliance costs.

If rival fintechs and digital-asset firms also secure charters, the US market could see a broader move toward regulated app-based banking. In that path, Revolut’s advantage would depend less on being approved and more on execution: deposits gathered, loans underwritten, card customers retained and regulatory conditions met.