The U.S. Office of the Comptroller of the Currency has granted preliminary conditional approval for Revolut Bank US, a branchless national bank in Stamford, Connecticut. The application was submitted on March 10. The launch is planned for the first half of 2027.
Revolut currently serves its U.S. clients through its partner, Lead Bank. Its proprietary license provides a unified federal framework for all 50 states, direct access to the Federal Reserve's payment infrastructure, and FDIC-insured deposits of up to $250,000. The margin previously paid to the partner bank remains internally.
The entry price is also specified: paid-in capital of at least $95 million and Tier 1 capital of at least 10% of assets for the first three years—twice the threshold for a well-capitalized bank.
Four products are excluded from approval: retail foreign exchange, foreign exchange forwards, acquiring, and correspondent services to third-party foreign banks. Each requires a separate written "no objection" from the regulator—including currency exchange, which is where Revolut started.