Revolut gets conditional OCC approval for a US national bank charter
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What happened
Revolut announced on 3 September 2026 that the US Office of the Comptroller of the Currency (OCC) had granted conditional approval for its proposed national bank, Revolut Bank US, N.A. American Banker described it as a full-service bank headquartered in Stamford, Connecticut, and called the OCC approval preliminary. It reported that Revolut's deposit insurance application was still under review at the Federal Deposit Insurance Corporation (FDIC) and that the Federal Reserve had yet to decide on its holding company applications. Revolut said it remained on track to open in 2027.
American Banker reported that four products need a separate supervisory non-objection: leveraged currency trading, foreign exchange forwards, merchant acquiring, and correspondent banking for unaffiliated foreign banks. Revolut must put at least $95 million of paid-in capital into the bank and hold a Tier 1 leverage ratio of at least 10% for three years, and the approval expires if the capital is not raised within 12 months or the bank does not open within 18 months. Dealroom reported a planned launch in the first half of 2027 with about 160 employees, and 80 million customers globally. American Banker said roughly 1 million US customers were served through sponsor banks.
Key points
- The OCC granted Revolut conditional approval for a US national bank charter, announced 3 September 2026.23
- FDIC and Federal Reserve decisions were still pending; Revolut said it remained on track to open in 2027.23
- Four products need separate supervisory non-objection: leveraged currency trading, FX forwards, merchant acquiring and correspondent banking.2
- At least $95 million of paid-in capital and a Tier 1 leverage ratio of at least 10% for three years are required.2
- Dealroom reported a planned launch in the first half of 2027 with about 160 employees.3
Why it matters
Dealroom reported that, once fully authorised, the charter would let Revolut offer insured deposits directly, with checking, savings and credit products planned. American Banker said Revolut's application states it intends to move its roughly 1 million US customers from sponsor banks onto its own bank.
Four products need separate sign-off, and the approval expires if capital is not raised within 12 months or the bank does not open within 18 months. These conditions set the regulatory exposure of the US business.
The FDIC and Federal Reserve decisions were still pending, and American Banker described the OCC approval as preliminary. The charter is a step in the process, not a completed licence.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series C | Apr 26, 2018 | $1.7B | $250M | DST Global |
| Series D | Feb 24, 2020 | $5.5B | $500M | TCV |
| Series D extension | Jul 24, 2020 | $5.5B | $80M | Unknown |
| Series E | Jul 15, 2021 | $33B | $800M | SoftBank Vision Fund 2 and Tiger Global Management |
Updated
Fact-check
- The OCC granted Revolut conditional approval for a US national bank, announced on 3 September 2026.Confirmed by [2] American Banker (3 September 2026): the OCC granted preliminary conditional approval to Revolut Bank US, N.A. [3] Dealroom reports the conditional approval. Revolut's own release [1] returned 403 to the checker.Verified
- The proposed bank, Revolut Bank US, N.A., is a full-service bank to be headquartered in Stamford, Connecticut, with no physical branches.Confirmed by [2] American Banker; [3] Dealroom also places the bank in Stamford, Connecticut.Verified
- The FDIC deposit insurance application and Federal Reserve applications were still pending, and Revolut said it remained on track to open in 2027.Confirmed by [2] American Banker: FDIC review ongoing, holding company and parent awaiting the Fed, and Revolut 'remains on track to open in 2027'. [3] Dealroom says it still awaits FDIC and Fed approval.Verified
- Four products (leveraged currency trading, FX forwards, merchant acquiring, correspondent banking for unaffiliated foreign banks) need separate supervisory non-objection.Confirmed by [2] American Banker: it lists these four products, each needing its own sign-off.Verified
- Revolut must put at least $95 million of paid-in capital into the bank and hold a Tier 1 leverage ratio of at least 10% for its first three years; the approval expires without capital in 12 months or opening in 18 months.Confirmed by [2] American Banker: it states all of these terms. [3] Dealroom gives around $95 million of capital.Verified
- Revolut counts 80 million customers globally, with roughly 1 million US customers served through sponsor banks such as Lead Bank.Confirmed by [3] Dealroom: 80 million customers globally. Confirmed by [2] American Banker: roughly 1 million US customers through sponsor banks such as Lead Bank.Verified
- The bank is planned to launch in the first half of 2027 with about 160 employees.Confirmed by [3] Dealroom: it gives a first-half 2027 launch and a team of around 160 employees. [2] American Banker gives 2027 without a half.Verified
- Once fully authorised, the charter would let Revolut offer insured deposits directly, with checking, savings and credit products planned; Revolut intends to move US customers onto its own bank.Confirmed by [3] Dealroom (insured deposits, checking, savings and credit) and [2] American Banker (application says it intends to move those customers onto its own bank).Verified
Sources
- [1]Revolut (opens in a new tab)Revolut Receives Conditional Approval from U.S. Office of the Comptroller of the Currency to Form a National Bank
- [2]American Banker (opens in a new tab)Revolut wins US charter with limits on four productsRevolut has to put at least $95 million of paid-in capital into the bank
- [3]Dealroom (opens in a new tab)Revolut wins conditional US bank charter, plans 2027 launchIt plans to open with a team of around 160 employees.
