Revolut receives conditional approval to operate as US national bank

Revolut just got a lot closer to being a real bank in America. The OCC granted the London-based fintech conditional approval to establish a national bank charter under the name Revolut Bank US, N.A., a milestone that redraws the company’s relationship with the US financial system. For context: Revolut currently serves roughly 1 million US customers through a partnership with Lead Bank. What the approval actually means A national bank charter from the OCC lets Revolut operate across all 50 states under a single federal framework, rather than navigating a patchwork of state-by-state money transmission licenses. The charter would give Revolut direct access to Federal Reserve payment infrastructure, specifically Fedwire and ACH. Right now, every time a Revolut customer in the US moves money, that transaction flows through a partner bank’s pipes. Revolut filed its charter application in March 2026. The OCC granted conditional approval roughly six months later, around September 2-3, 2026. Revolut still needs to secure FDIC deposit insurance and obtain approval from the Federal Reserve before it can launch. The company is targeting the first half of 2027 for its US bank debut. The numbers...