Revolut, the U.K. fintech firm, has filed an application for a U.S. banking license with the Office of the Comptroller of the Currency (OCC). This crucial step signals Revolut's intent to significantly expand its presence in the American financial market.
If approved, the license will empower the London-based company to function more like a traditional bank within the U.S. economy. Revolut anticipates gaining direct access to critical payment networks, including Fedwire and the Automated Clearing House (ACH). This regulatory approval could also pave the way for Revolut to introduce lending products, such as credit cards and personal loans.
Previously, Revolut offered U.S. banking services through a partnership with Lead Bank. This new application follows Revolut's decision in January to abandon plans for a U.S. bank acquisition in favor of pursuing a de novo banking license, enabling operations from inception.
The move by Revolut occurs shortly after Kraken secured a Federal Reserve “master account,” granting its banking arm direct access to the Fed’s payment system. Valued at approximately $75 billion, Revolut views the U.S. market as integral to its global digital banking ambitions. Obtaining a charter would represent a major regulatory achievement for the company outside of Europe, where it has held a restricted U.K. banking license since 2024.