By Tatiana Bautzer
Sept 3 (Reuters) – British fintech Revolut said on Thursday it has received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter, marking a major step in its push to launch a fully fledged American bank by 2027.
After the conditional approval from the OCC, Revolut now expects a green light from the FDIC and Federal Reserve for the banking operations, said Cetin Duransoy, Revolut CEO in the United States, in an interview with Reuters.
Revolut has 80 million customers worldwide and its bank will be based in Stamford, Connecticut. Revolut will inject around $95 million of capital into the new bank, the CEO said.
The bank will offer products including checking accounts, installment loans, credit cards and foreign exchange services. It is also expected to launch a stablecoin, Duransoy added.
Revolut expects to launch the bank in the first half of 2027 with a team of around 160 employees and to offer multicurrency services using its operations in Europe and Latin America.
Revolut secured a banking license in France last month as part of its European expansion plans, after being authorized to operate a bank in the UK in March.
(Reporting by Sri Hari N S in Bengaluru; Editing by Franklin Paul, Kirsten Donovan)
