Revolut: preliminary approval granted for a banking licence in the US
According to the Financial Times, Revolut has been granted preliminary approval to operate as a fully-fledged bank in the United States
Revolut has been granted preliminary approval to operate as a fully-fledged bank in the United States, a significant step in the British fintech firm’s expansion strategy into the US market. According to the Financial Times, the Office of the Comptroller of the Currency (OCC) has granted conditional approval for a national banking licence.
Once the process is complete, the licence will allow Revolut to offer insured deposits directly to US customers, without having to rely on regulated partner banks. Co-founder and CEO Nik Storonsky described the decision as “an important first step”, which provides the group with the foundation to grow in the world’s largest financial market and offer its full range of services to millions of Americans.
Revolut had only submitted its application in March, after having been granted a full banking licence in the UK that same month following a process that had lasted several Heming years. The US authorisation is not yet final: the company must receive the go-ahead from the Federal Deposit Insurance Corporation and the Federal Reserve, as well as final approval from the OCC.
