Revolut, the crypto-friendly fintech giant, recently filed for a U.S. banking license with the Office of the Comptroller of the Currency (OCC). This move marks a significant step as it aims to enhance its operations more like a traditional bank in the United States.
The UK’s financial technology company, noted for its $75 billion valuation, had previously decided in January to abandon plans to acquire a U.S. bank in favor of pursuing a de novo banking license to start operations from scratch. This strategic shift underlines the importance of the U.S. market in Revolut’s aspirations to build a global digital bank.
The Revolut US banking license application was filed with the Office of the Comptroller of the Currency (OCC). If approved, the license would allow Revolut to operate more like a traditional bank in the United States. The charter would grant Revolut direct access to national payment networks such as Fedwire and the Automated Clearing House (ACH). A banking charter could also open lending products for Revolut, including credit cards and personal loans.
Prior to the filing, Revolut provided U.S. banking services through Lead Bank, a Kansas City-based partner, which has allowed the company to offer accounts and payments without its own charter. The filing follows Revolut’s January decision to drop plans to buy a U.S. bank and instead pursue a de novo banking license. A de novo license allows banks to start up from scratch. Revolut is valued at about $75 billion.
Approval of a U.S. charter would be a major regulatory milestone for Revolut outside Europe. The U.S. market is central to Revolut’s goal of building a global digital bank. Revolut secured a restricted U.K. banking license in 2024 and holds banking licenses elsewhere. Kraken secured a Federal Reserve master account, giving its banking arm direct access to the Federal Reserve’s core payment system. ZeroHash applied for a national trust bank charter to expand regulated stablecoin services.
Revolut provides U.S. banking services through Lead Bank, a Kansas City-based partner. This arrangement lets Revolut offer accounts and payments in the United States without holding its own banking charter. In January, Revolut dropped plans to buy a U.S. bank and subsequently filed an application for a U.S. banking license with the Office of the Comptroller of the Currency (OCC) to pursue a de novo license. A de novo banking license allows banks to start up from scratch.
Kraken secured a Federal Reserve master account, which gives its banking arm direct access to the Federal Reserve’s core payment system. If approved, a U.S. banking charter for Revolut would allow it to operate more like a traditional bank in the United States and would grant direct access to payment networks such as Fedwire and the Automated Clearing House (ACH). A charter could also open lending products for Revolut, including credit cards and personal loans. Approval of a U.S. charter would be a major regulatory milestone for Revolut outside Europe. Revolut secured a restricted U.K. banking license in 2024 and holds banking licenses elsewhere.
ZeroHash applied for a national trust bank charter to expand regulated stablecoin services. A national trust bank charter would allow ZeroHash to operate under a single federal framework rather than state-by-state rules. Kraken secured a Federal Reserve master account, which gives its banking arm direct access to the Federal Reserve’s core payment system. Approval of a U.S. charter would be a major regulatory milestone for Revolut outside Europe.
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