The Office of the Comptroller of the Currency (OCC) granted Revolut preliminary conditional approval to establish a national bank in the United States, according to an official decision published on September 2, 2026. The proposed entity, Revolut Bank US, National Association, will be headquartered in Stamford, Connecticut, and will operate as a full-service digital bank with no physical branches.
The OCC's Corporate Decision #1390 marks a significant regulatory milestone, though not the final one. The approval is preliminary and conditional on meeting numerous pre-opening requirements, including obtaining Federal Deposit Insurance Corporation (FDIC) coverage and membership in the Federal Reserve System. The decision explicitly excludes retail foreign exchange services from the current authorization, requiring a separate OCC non-objection before Revolut can offer currency exchange to US retail customers. The bank must maintain a minimum Tier 1 leverage ratio of 10 percent for its first three years of operation, with initial paid-in capital of no less than $95 million.
Revolut Bank US will be a wholly owned subsidiary of Revolut Holdings US, Inc., a Delaware corporation fully owned by Revolut Group Holdings Ltd., the UK-based holding company regulated by the Prudential Regulation Authority. According to the OCC document, Revolut currently serves US retail and business customers through FDIC-insured partner banks, offering prepaid cards, credit, and payment services. The proposed bank will allow Revolut to operate at lower cost and greater efficiency than its current partner-bank model, while expanding its product range to include digital asset custody and cross-border remittances via stablecoin.
Revolut filed the de novo charter application on March 10, 2026. The OCC document specifies that the approval expires if capital is not raised within 12 months or if the bank does not open within 18 months of the preliminary decision. The company's target is to begin operations in 2027. This is Revolut's third banking license, following a UK authorization obtained in March 2026 and a French license.
With more than 80 million customers globally and an estimated secondary-market valuation around $115 billion, Revolut is among the largest fintechs worldwide. The OCC approval is the last of three regulatory hurdles required to enter the US banking system: FDIC insurance and Federal Reserve membership still need to be obtained. The management slate approved by the OCC includes Cetin Duransoy as CEO, Josh Van Hulst as Chief Compliance Officer, and Robert Treadwell as CFO.
Sources
- OCC, Corporate Decision #1390, September 2, 2026: [https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1390.pdf](https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1390.pdf)
- Reuters, "Revolut wins conditional US banking license", September 3, 2026: [https://www.reuters.com/business/finance/revolut-wins-conditional-us-banking-license-2026-09-03/](https://www.reuters.com/business/finance/revolut-wins-conditional-us-banking-license-2026-09-03/)
- Revolut, Official press release: [https://www.revolut.com/en-US/news/revolut_receives_conditional_approval_from_u_s_office_of_the_comptroller_of_the_currency_to_form_a_national_bank/](https://www.revolut.com/en-US/news/revolut_receives_conditional_approval_from_u_s_office_of_the_comptroller_of_the_currency_to_form_a_national_bank/)
