> ## Content Index
> Fetch the complete content index at: https://www.theglobalbanker.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Revolut secures conditional OCC approval for US national bank charter with $95 million capital floor
- URL: https://www.theglobalbanker.com/revolut-secured-conditional-occ-approval-for-us-national-bank-charter-with-95-million-capital-floor/
- Published: 2026-09-04T06:00:00.000Z
- Updated: 2026-10-02T01:11:20.000Z
- Description: Revolut received preliminary conditional approval from the US Office of the Comptroller of the Currency for a national bank charter, it announced on 3 September, subject to a $95 million minimum capital requirement.
- Author: TGB Editorial Team
- Tags: Regulations, Americas

Revolut received preliminary conditional approval from the US Office of the Comptroller of the Currency to establish a national bank, the British fintech announced on Thursday 3 September, following a decision letter signed by the regulator on 2 September. The approval covers Revolut Bank US, National Association, to be headquartered in Stamford, Connecticut, and operate without branches. The OCC set initial paid-in capital at no less than $95 million, net of organisational and pre-opening expenses, and required the bank to maintain a tier 1 leverage ratio of no less than 10.0 percent throughout its first three years of operation. Revolut has 12 months to raise the capital and 18 months to open, after which the approval expires.

The decision followed an application filed on 10 March 2026, and represented the company's second attempt at a US banking licence after an earlier effort to obtain a California state charter did not proceed. Revolut currently serves US customers through partner banks; a national charter would allow it to accept insured deposits directly and offer products such as loans and credit cards itself. Sid Jajodia, then Revolut's US chief executive, said in October 2025 that a charter would give the company "a seat at the table" with the regulator. The approval arrived 176 days after the 10 March filing.

#### CONDITIONS AND CARVE-OUTS

The grant is preliminary and conditional rather than a charter in force. The OCC withheld final approval and authorisation to commence business pending satisfaction of all pre-opening requirements, and retained the right to modify, suspend or rescind the approval. The regulator excluded the proposed retail foreign exchange business, meaning leveraged currency trading rather than the currency conversion Revolut already offers, from the scope of the preliminary approval; it may not be offered without a separate supervisory non-objection. Three further activities — foreign exchange forwards, merchant acquiring, and correspondent banking for foreign non-affiliates — may not commence until the OCC issues a written determination of no objection for each.

Those carve-outs touch foreign exchange and payments products; Revolut has said it plans to use multi-currency banking as an anchor product in the US. The structure leaves the company with a chartered entity whose permitted activities at opening are narrower than its application contemplated, and with several supervisory determinations still to obtain on a case-by-case basis. The capital conditions are also more demanding than the general regulatory minimum, with the 10.0 percent leverage floor applying throughout the bank's first three years of operation.

#### REMAINING APPROVALS

Two further regulatory processes remain outstanding before Revolut Bank US can open. The Federal Deposit Insurance Corporation has not yet ruled on the application for deposit insurance, without which the bank cannot accept insured deposits. Separately, both US HoldCo and Revolut Group Holdings have applied to the Federal Reserve to become bank holding companies, a step that would bring the group's US structure under Federal Reserve supervision. Revolut is targeting a launch in the first half of 2027, according to US chief executive Cetin Duransoy, and plans a headcount of approximately 160 for the Stamford-based bank.

The OCC decision does not by itself set a launch date. The FDIC and Federal Reserve determinations will govern whether the first-half 2027 target holds, and the 18-month window imposes an outer limit on how long the approval remains available.