Revolut secures OCC approval for US bank launch

Revolut has received conditional OCC approval to open a US national bank in Stamford, aiming for a 2027 launch with $95M in capital and plans for checking, loans, cards, and stablecoin services, pending further approvals.

Revolut has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national bank in Stamford, Connecticut. This marks a significant milestone as the company aims to launch full-service banking operations in the US by 2027. The proposed bank will start with an initial capital of approximately $95 million and plans to offer checking accounts, credit cards, installment loans, foreign exchange services, insured deposits, and a stablecoin service. This move will allow Revolut to transition from relying on partner banks to providing direct banking services to US customers. Despite the OCC's conditional approval, Revolut must still obtain further regulatory clearances from the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and secure final OCC authorization before operations can begin. The company views this as a foundational step in expanding its global banking presence and delivering a comprehensive suite of financial products to the American market.