Revolut wins conditional US banking license

By Tatiana Bautzer

Sept ‌3 (Reuters) - British ​fintech ​Revolut said on Thursday it has received conditional approval from the U.S. Office ‌of the Comptroller of the Currency for a ⁠national bank charter, marking a major step in its ‌push to launch a fully ‌fledged American bank by 2027.

After the conditional approval from the OCC, Revolut now expects a ​green light from the FDIC and Federal Reserve for the banking operations, said Cetin Duransoy, ⁠Revolut CEO in the United States, in an interview with Reuters.

Revolut has ​80 million customers worldwide and its bank will be based in Stamford, Connecticut. Revolut ​will inject around $95 million of ‌capital into the new bank, the CEO said.

The bank will offer products including ⁠checking accounts, installment loans, credit cards and foreign exchange services. It is also expected to launch a stablecoin, Duransoy ⁠added.

Revolut expects to launch the bank in the first ​half of 2027 with a team of around 160 employees and to offer multicurrency services using its operations in Europe and ‌Latin America.

Revolut secured a banking license in France last month as part ‌of its European expansion plans, after being authorized ⁠to operate a bank ‌in the UK ​in March.

(Reporting by Sri Hari N S in Bengaluru; Editing by Franklin Paul, Kirsten ‌Donovan)

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