Revolut receives conditional OCC approval for national bank charter

U.K. neobank Revolut has received conditional approval from the Office of the Comptroller of the Currency for a U.S. national bank charter.

Revolut said in a press release that it is working through remaining applications and approvals with the Federal Deposit Insurance Corp. and the Federal Reserve. The goal is to open the bank next year.

“Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US,” Nik Storonsky, Revolut’s founder and CEO, said in the release. “It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”

“Thank you to the OCC for a diligent, expeditious review and thoughtful questions throughout the submission process, and to our … U.S. team for the tireless effort to get us here,” Cetin Duransoy, CEO of Revolut US, wrote in a LinkedIn post. “This is a big moment, and one we’ll celebrate. But tomorrow, we get back to work.”

Duransoy noted in his post that banking services in the U.S. are currently provided by Lead Bank.