The U.K. fintech powerhouse Revolut has officially filed an application for a national banking license with the Office of the Comptroller of the Currency (OCC). The move marks a definitive escalation in the company’s efforts to penetrate the American financial sector and transition from a niche service provider to a full-scale commercial bank within the world’s largest economy.
If the OCC grants approval, the London-based firm—currently valued at approximately $75 billion—would be permitted to operate with the same legal standing as traditional U.S. financial institutions. A primary benefit of the charter would be direct access to critical federal payment networks, specifically Fedwire and the Automated Clearing House (CH). These systems are the backbone of the U.S. financial grid, facilitating the movement of trillions of dollars in annual transactions between banks.
Furthermore, a national license would fundamentally alter Revolut’s product capabilities by allowing it to offer direct lending services, such as personal loans and credit cards. At present, the company provides limited banking services to American customers through a partnership with Kansas City-based Lead Bank. While this “partner bank” model has allowed Revolut to facilitate accounts and payments, it has prevented the company from operating under its own independent charter.
The filing follows a strategic pivot in January, when Revolut abandoned plans to acquire an existing U.S. bank in favor of pursuing a “de novo” license. This path allows a financial institution to build its operations from the ground up rather than absorbing the legacy systems of an established bank. The timing of the application is also notable, arriving just one day after the cryptocurrency exchange Kraken became the first firm of its kind to secure a Federal Reserve “master account,” signaling a broader shift in how digital-first firms are integrating with the federal core payment system.
For Revolut, which offers crypto trading alongside its standard financial tools, securing this charter would represent its most significant regulatory achievement outside of Europe. While the company obtained a restricted banking license in the United Kingdom in 2024 and holds various licenses in other international territories, the U.S. market remains the centerpiece of its ambition to establish a truly global digital banking presence.
