Revolut Nears US Banking Launch After Key Approval

Revolut has secured conditional approval for a US banking license, a crucial milestone toward establishing itself as a national bank in the United States. This approval from the US Office of the Comptroller of the Currency paves the way for Revolut to eventually offer services such as loans, credit cards, and insured deposits directly to its US customer base.

Co-founder and CEO Nik Storonsky stated that this conditional approval forms the foundation for building in the US market and delivering the complete Revolut experience to millions. The fintech, having identified the US as a key growth market, is collaborating with authorities to launch its US bank in 2027. Previously, Revolut utilized partnerships with existing US banks to provide its services.

This development follows Revolut's recent acquisition of a full banking license in its home market, the UK, in March, removing restrictions on lending to UK customers and enhancing financial protections. Additionally, the company obtained a full French banking license last month, enabling its French operations to function as a European Union hub alongside its Lithuanian subsidiary.

Founded in 2015, Revolut has experienced rapid growth, reaching a valuation of $115 billion in July and serving over 80 million customers globally. The company's ambition extends to reaching 100 million customers across 100 countries. Despite its expansion, Revolut has faced scrutiny regarding its compliance with financial regulations, particularly concerning fraud and money laundering prevention.