Revolut has reportedly secured conditional approval from the US office of the Comptroller of the Currency for its banking operations, marking a significant step in its push into the market to launch a fully-fledged American bank by 2027.
Following the conditional approval from the OCC, Revolut now expects official clearance from the FDIC and Federal Reserve for its banking operations, according to Cetin Duransoy, Revolut’s US CEO.
According to Storonsky, the global bank primarily needs a strong US presence to let money and banking cross borders freely with operations targeted for next year after further Federal Reserve approvals, as reported by Reuters.
Revolut has approximately 80 million customers and its US banking operations will be based in Stamford, Connecticut.
The CEO of Revolut, Nik Storonsky said that the company will inject around $95 billion in capital into the new bank. Nonetheless, the bank will offer products including installment loans and credit cards, and it is also expected to introduce a stablecoin. US regulators held off for years, however, now they have opened to the company European banks fear most.
