Revolut, the British fintech giant that offers crypto trading, has filed for a US banking license with the Office of the Comptroller of the Currency (OCC), a major step in its push to expand into the US financial system.
If approved, the license would allow the London-based company to operate more like a traditional bank in the world’s largest economy. The company said it would gain direct access to payment networks such as Fedwire and the Automated Clearing House (ACH), systems that move trillions of dollars between banks each year.
A license can also open the door to lending products, including credit cards and personal loans. Today, Revolut offers banking services in the US through Lead Bank, a Kansas City-based partner. This arrangement allows it to provide accounts and payments without having its own charter.
The filing comes after Revolut ditched its plans to buy a US bank in January in favor of a de novo banking license, which allows banks to start from scratch.
It also comes a day after Kraken became the first cryptocurrency exchange to secure a Federal Reserve “master account,” which gives its banking arm direct access to the Fed’s central payment system.
Revolut, valued at around $75 billion, has said the US market is central to its aim to build a global digital bank. Approval of a charter will mark one of the company’s biggest regulatory milestones outside of Europe.
The crypto-friendly bank secured a limited UK banking license in 2024 and has banking licenses elsewhere. However, it is not a bank in all regions where it operates.
