Revolut receives conditional US banking charter from OCC

British digital bank Revolut has secured conditional approval from the Office of the Comptroller of the Currency to establish a full-service national bank in the United States. The regulatory nod arrives approximately six months after the firm submitted its application and follows earlier statements by former US chief executive Sid Jajodia, who described a banking charter as providing a seat at the table with US regulators. Founder and chief executive Nik Storonsky characterised the decision as a critical initial step towards creating the proposed Revolut Bank US, noting it provides the necessary foundation to operate within the world’s largest financial market and extend the company’s services to millions of American customers.

The conditional approval letter outlines specific financial requirements for the new entity. Revolut must ensure its initial paid-in capital, after deducting all organisational and pre-opening expenses, is at least $95 million. Additionally, the firm is required to maintain a tier one leverage ratio of no less than 10 per cent throughout its first three years of operation. The bank must also obtain separate approvals from the Federal Reserve and the Federal Deposit Insurance Corporation before it can commence operations. The OCC specified that this preliminary approval does not cover Revolut’s proposed retail foreign exchange business, for which the company must submit further information to receive supervisory non-objection prior to launch.

Cetin Duransoy, who assumed the role of US chief executive in March when Jajodia moved to become the global chief banking officer, expressed gratitude for the transparent dialogue with the OCC. He noted that the agency’s diligent and expedient handling of the application has kept the project on track for a 2027 launch. This move forms part of a broader global expansion strategy, with Revolut committing $13 billion towards international growth last September, including $500 million specifically for the US market. The company has recently launched a bank in Mexico and reported regulatory progress in Brazil, Colombia, Peru and Argentina. It has also secured banking licences in France, Australia and the UK, alongside a payments licence in the UAE. Revolut stated in May that it has surpassed 70 million customers globally, a milestone Storonsky linked to the belief that banking should not be constrained by borders.