Revolut has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to found a national bank in the country, a key step towards fulfilling its ambition of breaking into the market.

The UK-based neobank announced Thursday that the OCC had given provisional approval for its US national bank charter, and that it is now working through the remaining applications and approvals with Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and final OCC approval with the intent of launching in 2027.

Conditional approval from the regulator is one of the major hurdles new banks must clear before opening in the country. If all approvals are received, Revolut will be able to offer US customers a range of banking products, including loans, credit cards, FDIC-insured deposits and access to stablecoins and cryptocurrencies.

OCC approval has traditionally been rare, but under the latest Trump administration it has changed its policy to promote new entrants. A range of digital banking and cryptocurrency related ventures have received approvals this year, including conditional approval for Trump-backed World Liberty Financial and final approval for stablecoin provider Circle.

Revolut co-founder and chief executive Nik Storonsky said: “Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world's largest financial market and bring the full Revolut experience to millions of Americans.”

The move also continues Revolut’s push for global expansion this year, launching or diversifying operations in countries including Mexico, Peru, and France.

The US has historically been a tough market for digital banks to crack. It has yet to produce any major domestic success stories, and fellow UK-based neobank Monzo pulled out of the country earlier this year after failing to gain traction.

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