A United Kingdom-based neobank is one step closer to becoming a real bank in the United States.
About Revolut’s Conditional Approval:
In March, Revolut announced that it had filed an application to gain a U.S. bank charter. Now, the company has revealed that it has gained conditional approval from the U.S. Office of the Comptroller of the Currency (OCC).
With the OCC’s conditional approval, Revolut is now awaiting input from the Federal Deposit Insurance Corporation and the Federal Reserve. Final approval from the OCC is also required. Revolut says it currently plans on launching as a national bank in 2027.
As a national bank, Revolut will be able to directly offer banking products to customers in the United States, including deposit accounts, loans, credit cards, and more. Currently, the neobank partners with FDIC-insured institutions in the U.S. Specifically, this includes working with Lead Bank for its prepaid and secured cards and Cross River Bank for its Savings Vaults feature, Revolut Visa Credit Card, and personal loans.
News of this milestone comes on the heels of Revolut obtaining a French banking license. The company also launched a bank in its native United Kingdom earlier this year and gained a license in Australia. Elsewhere, Revolut is working toward a banking license in South Africa.
Beyond these developments, Revolut says that it’s on track to reach 100 million customers worldwide by mid-2027.
What They’re Saying:
Commenting on this major update, Revolut Founder and CEO Nik Storonsky said, “Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”
Revolut US CEO Cetin Duransoy added, “We’re grateful for the OCC’s open and transparent dialogue throughout this process. They were both diligent and expedient with our application, allowing us to remain on track for a 2027 launch of our proposed national bank.”
My Thoughts:
I have to admit that this process with Revolut is moving much faster than I would have expected. After all, it was a mere six months ago that the company put in its latest application. Suddenly, their anticipated 2027 launch doesn’t seem to far fetched.
Personally, if/when Revolut does become a “real” bank in the United States, it may be time for me to revisit them. I was pretty enamored with its product for a while, but have since preferred to work directly with FDIC-insured institutions. So, I look forward to seeing what the innovative company is able to do as a fully licensed bank.
