Fintech giant Revolut has been given conditional approval for its US banking licence from the US Office of the Comptroller of the Currency (OCC) as it seeks to operate as a fully fledged bank across the American market. The conditional approval represents a significant milestone for the London-based company, which has been pursuing a US banking charter for several years to expand its product offerings beyond its current payments and trading services. Revolut CEO Nik Storonsky said the decision validates the company's compliance framework and commitment to regulatory standards.

The OCC's conditional approval requires Revolut to meet specific operational and capital requirements before receiving a full national bank charter. If granted, the licence would allow Revolut to accept deposits, issue loans, and offer a broader range of financial products directly to US customers without relying on partner banks. The company currently serves over 30 million customers globally and has been profitable since 2022.

Revolut's US expansion faces competition from established players like Chime and traditional banks, but its multi-currency accounts and crypto trading features could differentiate its offering. The conditional approval follows Revolut's UK banking licence application, which remains pending with the Bank of England.