Revolut clears initial U.S. banking hurdle, eyes 2027 launch
DeFi & Yields ·
The fintech firm has secured conditional approval from the Office of the Comptroller of the Currency to form a national bank, a step toward offering crypto and stablecoin services directly to American customers.
Revolut, described as Europe's most valuable startup, still needs sign-off from the FDIC and Federal Reserve, along with final OCC approval, before Revolut Bank US can open its doors, according to a report. The company is targeting a 2027 launch date for the U.S. banking entity.
The conditional charter would let Revolut move beyond its current U.S. offerings once fully licensed. Full approval would allow the firm to directly provide loans, credit cards, FDIC-insured deposits, and both stablecoins and crypto services to American customers, rather than relying on partner banks or intermediaries for those functions.
The regulatory progress comes as Revolut's valuation has climbed sharply. A secondary share sale completed in July valued the company at approximately $115 billion, underscoring investor confidence even as the firm awaits multiple layers of U.S. regulatory sign-off. That valuation places Revolut among the highest-valued private technology companies originating in Europe.
The OCC approval is corroborated by at least one other source tracking the same development, which likewise confirms the pending FDIC and Federal Reserve reviews and the 2027 target date for launch.
What remains unresolved is the timeline and outcome of the outstanding FDIC and Federal Reserve approvals, both of which are prerequisites before Revolut Bank US can begin operating. Also unclear is the specific scope of crypto and stablecoin products Revolut intends to offer once the bank is operational, and whether the 2027 target will hold as the remaining regulatory steps proceed.