Revolut Files for U.S. National Bank Charter With OCC

TLDR

• Revolut filed an application for a U.S. national bank charter with the Office of the Comptroller of the Currency.
• The license would allow Revolut to access Federal Reserve payment systems like Fedwire and ACH.
• The charter would enable Revolut to offer federally insured deposits, credit cards, and personal loans directly.
• Revolut currently provides U.S. banking services through its partner Lead Bank in Kansas City.
• The company plans to invest $500 million in the U.S. market over the next three to five years.

Revolut has filed an application for a U.S. national bank charter with the Office of the Comptroller of the Currency. The move advances its plan to expand deeper into the American financial system. The company confirmed the filing on Thursday and outlined its strategy for growth in North America.

Revolut Seeks a U.S. National Bank Charter

Revolut submitted its application to the Office of the Comptroller of the Currency to secure a national bank charter. The company said the license would allow direct access to Federal Reserve payment systems. It expects access to networks such as Fedwire and the Automated Clearing House.

The charter would also allow Revolut to accept federally insured deposits up to $250,000 per account. It would also enable the company to issue credit cards and personal loans directly. Revolut currently provides U.S. banking services through Lead Bank in Kansas City.

That partnership allows accounts and payments without holding its own banking charter. However, the company dropped plans in January to acquire a U.S. bank. Instead, it chose to pursue a de novo banking license to build operations from scratch.

Revolut previously applied for a U.S. banking license in 2021 but withdrew in 2023. The company cited regulatory setbacks at that time. It has now renewed efforts under what it describes as updated regulatory conditions.

The company said the United States remains central to its global digital banking strategy. It reported more than one million customers in the U.S. market. Revolut also plans to invest $500 million over the next three to five years.

Regulatory Steps and Crypto Expansion

The filing follows a development in the crypto sector earlier this week. Kraken secured a Federal Reserve master account for its banking arm. That approval grants Kraken direct access to the Fed’s core payment system.

Revolut described its own application as a step toward direct participation in U.S. payment infrastructure. A national charter would reduce reliance on partner banks. It would also place the company under federal banking supervision.

Revolut holds a restricted banking license in the United Kingdom. The Prudential Regulation Authority granted that license in 2024 with operational limits. The company continues its mobilization phase toward full authorization.

It also holds banking licenses in other regions where it operates. However, it does not hold a banking license in every market. The U.S. charter would expand its regulated footprint.

Revolut said it appointed Cetin Duransoy to lead its U.S. operations. Duransoy previously worked as a senior executive at Visa. The company said his experience will guide its expansion in the American market.

The Financial Conduct Authority selected Revolut to test stablecoin services under proposed U.K. rules. The company continues to develop crypto trading services across markets. It values the firm at about $75 billion based on recent disclosures.

The post Revolut Files for U.S. National Bank Charter With OCC appeared first on Blockonomi.