Revolut secures conditional US bank approval

• Revolut received conditional approval from the OCC to establish a national bank in the US.
• The proposed bank will be based in Stamford, Connecticut, with about US$95 million of initial capital.
• Revolut still needs approvals from the FDIC and Federal Reserve before launching in 2027.

Revolut received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national bank.

The proposed Revolut Bank US will be based in Stamford, Connecticut, and receive about US$95 million of capital.

“Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US,” said Revolut Founder and CEO Nik Storonsky.

The OCC said the approval remains conditional and requires the bank to obtain deposit insurance from the Federal Deposit Insurance Corporation and meet other pre-opening requirements.

Revolut is privately held, so there is no public share price to report following the announcement.

The proposed bank plans to offer deposits, credit products, payments, digital asset services and other financial products through its digital application.

Revolut expects to launch the US bank in the first half of 2027 with about 160 employees and a planned stablecoin offering.