Fintech giant Revolut has made a significant step toward expanding into the U.S. market: the Office of the Comptroller of the Currency (OCC) issued conditional approval on September 3 for the registration of Revolut Bank US as a national bank. This is a strategic breakthrough for the company, which seeks to strengthen its position in a jurisdiction with one of the strictest regulatory regimes in the world.
However, obtaining the OCC license is only the first stage of a complex, multi-step process. For a full launch, Revolut will need to clear several more bureaucratic hurdles: secure approval from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System (Fed), as well as await the final verdict from the OCC itself. Only after that will the company be able to begin operations, which it plans to start in 2027.
The new bank will focus on providing a full range of traditional financial services—including deposits, lending, and bank card issuance—but with a clear emphasis on digital assets. Revolut intends to integrate access to stablecoins and cryptocurrencies into its banking platform, setting it apart from classical U.S. banking institutions.
This move reflects a growing trend: crypto-oriented companies are increasingly seeking full-fledged bank status to legally attract deposits and expand their client base. Revolut, which already holds banking licenses in Europe, clearly views the U.S. as a key market for its global growth.
In my assessment, this is not just a corporate milestone but a signal for the entire market: U.S. regulators, despite tough rhetoric, are ready to open doors for fintech with a crypto component if it meets strict requirements. Revolut's success could set a precedent that prompts other players to file similar applications, but the high bar for approvals from the FDIC and the Fed will remain a serious filter for most applicants.