Revolut Secures Conditional Approval for US Bank Charter

The useful part

Revolut founder and CEO Nik Storonsky announced the development in a LinkedIn post today. He said the approval marks a major step towards establishing a full-service banking operation in the United States. Finance Magnates reported that the company had returned to the OCC as it sought to expand its banking operations in the US.

How it works

• The company still has regulatory work to complete with the OCC, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
• "This isn't the finish line," Storonsky said, referring to the remaining regulatory work.
• He added that the approval followed years of work on the technology, infrastructure and controls required to operate as a global bank.
• OCC Approval Isn't the Finish Line The conditional approval does not allow Revolut to immediately operate as a fully established national bank.
• Storonsky said Revolut started 11 years ago with a card and an app that helped customers save money on foreign exchange.

What to take from it

He said Revolut cannot build a "truly global bank" without becoming a full-service bank in the United States. Revolut Targets Full US Banking Access Revolut's stated goal is to serve US customers directly with its broader range of products and se...

Details worth keeping

Since then, the company has expanded its products and entered new markets.