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Revolut received conditional approval from the U.S. Office of the Comptroller of the Currency on Thursday, the preliminary green light the London-headquartered fintech needs to pursue a full national bank charter and offer US customers loans, stablecoins and credit cards from a federally supervised balance sheet. CEO Nik Storonsky framed the milestone as "an important first step" and said the license would give the company "the foundation to build in the world's largest financial market" and "bring the full Revolut experience to millions of Americans."
Why it matters
The conditional approval slots Revolut into a fast-growing queue of crypto and technology firms the OCC has been green-lighting under a notably friendly posture toward the industry. Over the past year, the agency has issued similar conditional approvals to Coinbase, Paxos, BitGo, Ripple and Circle. Last month it granted one to President Donald Trump's family-backed World Liberty Financial, a decision that drew scrutiny over potential conflicts of interest. OCC chief Jonathan Gould has publicly stated that entities engaging in crypto and other novel technologies "should have a pathway to become federally supervised banks," a stance that has reshaped the calculus for any fintech weighing US expansion.
Market impact
The bigger read is structural. Once Revolut converts conditional approval into a full charter, the company gains a single US platform from which to underwrite loans, issue credit cards and distribute stablecoins under federal supervision, a stack rivals like Coinbase and Circle are similarly racing to assemble. The OCC's tempo has accelerated sharply: since 2025 the agency has received 40 de novo charter applications, approved 21 and denied just two, suggesting the door is open for any well-capitalised crypto-native applicant willing to clear the compliance bar. Revolut already holds bank licenses in the UK, France and Australia. A US charter would make it one of the few global fintechs operating a federally supervised bank across three continents, with stablecoin distribution a likely first product beyond its existing crypto trading app.
Frequently asked questions
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What does conditional OCC approval actually let Revolut do?
It is the preliminary green light the fintech needs to pursue a full US national bank charter. With a full charter in hand, Revolut could underwrite loans, issue credit cards and distribute stablecoins from its own federally supervised balance sheet.
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Which other crypto and fintech firms have received similar OCC approvals?
Coinbase, Paxos, BitGo, Ripple and Circle all received conditional OCC approvals over the past year. Last month the OCC also granted one to World Liberty Financial, the Trump family-backed crypto venture.
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Why is the OCC approving so many crypto firms for bank charters?
OCC chief Jonathan Gould has publicly stated that entities engaging in crypto and other novel technologies should "have a pathway to become federally supervised banks." Since 2025 the agency has approved 21 of 40 de novo charter applications and denied just two.
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Where does Revolut already hold bank licenses?
Revolut is already a licensed bank in the UK, France and Australia. A US charter would extend that footprint to three continents, making it one of the few global fintechs operating a federally supervised bank across that span.
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When could Revolut start offering US banking products?
Conditional approval is only the first step. Revolut still needs to clear additional OCC review, regulatory exams and capital requirements before converting that conditional approval into a full national bank charter and launching products to US customers.
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