Revolut wins conditional US bank charter, 2027 launch

Revolut, the British fintech giant, just cleared a major hurdle on its US expansion. The Office of the Comptroller of the Currency granted the company conditional approval to establish a national bank, targeting a full launch in 2027. The fintech still needs sign-offs from the Federal Reserve and FDIC before it can offer deposit accounts insured up to $250,000, but the conditional charter marks a pivotal shift from relying on partner banks to owning its own US banking operation.

The move caps years of regulatory negotiations and positions Revolut to compete directly with established US banks. CEO Nik Storonsky called the approval an important first step toward bringing the full Revolut experience to American customers. The bank will operate from Stamford, Connecticut, with $95 million in initial capital and plans to offer checking accounts, loans, credit cards, and foreign exchange services.