Revolut Secures Provisional US Bank Charter, Targeting 2027 Launch

Key points

• The OCC granted Revolut preliminary approval for a national US bank charter on Wednesday, a critical step for its American expansion.
• Full authorization requires additional approvals from the Federal Deposit Insurance Corporation and the Federal Reserve, in addition to final OCC sign-off.
• Revolut plans to launch in the US during the first half of 2027, starting with checking, savings, credit products, and multi-currency banking for expatriates.
• The company previously considered acquiring an existing US bank to speed up accreditation but opted for a direct application, citing regulatory openness under the current administration.
• Revolut’s global customer base stands at 80 million, with a recent private valuation of $115 billion.

Background

Revolut, founded in London in 2015, has rapidly expanded internationally. In March 2026, the company secured its full UK banking licence after a multi-year regulatory process. The US application was also submitted in March 2026. Earlier this year, in August 2026, the OCC conditionally approved a charter for World Liberty Trust Co., a crypto venture linked to the Trump family, highlighting a broader regulatory shift toward new entrants in the banking sector.

How outlets are covering it

The Financial Times reports that Revolut’s US chief executive, Cetin Duransoy, noted that regulators under the Trump administration are 'incredibly open to innovation,' viewing more market products as beneficial for consumers. However, Duransoy emphasized that this friendliness did not compromise the diligence of the review process. Briefs Finance confirms the conditional approval but provides limited additional detail, focusing primarily on the regulatory milestone. The Financial Times highlights that Revolut initially considered acquiring a US bank to bypass the lengthy application process but chose to apply directly, a decision influenced by the current regulatory climate.

Why it matters

This provisional approval marks a significant step for Revolut to enter the world’s largest financial market without relying on partner banks. It signals a potential shift in US banking regulation toward fintech innovation and could accelerate competition in the US banking sector. For Revolut, it is a crucial milestone in its global expansion strategy, potentially impacting its valuation and market position.

What to watch

Revolut must secure final approval from the OCC, as well as approvals from the Federal Deposit Insurance Corporation and the Federal Reserve. The company expects to launch its US operations in the first half of 2027, initially focusing on expatriates and multi-currency banking. Over time, it plans to add stablecoins, business banking, and potentially mortgages, though mortgages are not part of the initial three-year regulatory plan.