Revolut wins provisional US banking license from OCC

Revolut just cleared the biggest regulatory hurdle standing between it and the American banking market. The Office of the Comptroller of the Currency granted the London-based fintech provisional approval to establish Revolut Bank US, N.A., a new national bank charter that could fundamentally reshape how the company operates stateside. The approval, handed down on September 2, means Revolut can begin building the infrastructure for FDIC-insured deposits, lending products, and direct access to US payment rails. The company won’t need to piggyback on partner banks anymore to offer Americans basic financial services. From partner-dependent to fully licensed Revolut submitted its application for the national bank charter on March 5, and the turnaround was remarkably swift by banking regulatory standards. The company had previously explored acquiring an existing US bank, but pivoted to applying for a fresh charter instead, a decision that appears to have paid off under what the company views as a more favorable regulatory environment. The new charter unlocks a suite of capabilities that Revolut has long coveted. Credit cards, personal loans, Fedwire and ACH payment system access, and FDI...