Finance News
By Dan Saada
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A Strategy Shift That Paid Off — Partially. Earlier this year, Revolut ditched its earlier plan to buy an existing US bank and went straight…
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What Full Approval Would Actually Mean. If and when Revolut clears the remaining hurdles, the goal is to offer US customers its full…
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Revolut got the nod. The fintech giant just cleared a massive hurdle in its push to become a real bank on American soil, pulling in conditional approval for a national bank…
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Founder and CEO Nik Storonsky broke the news on LinkedIn himself. He framed it as a milestone 11 years in the making — going back to when Revolut was basically just a card and an…
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The approval is conditional. That word matters a lot here. Revolut isn't a fully operational national bank in the United States — not yet.
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Earlier this year, Revolut ditched its earlier plan to buy an existing US bank and went straight for a national banking charter instead. That's a pretty bold call.
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The pivot seems to have worked, at least to the extent that they've landed conditional approval. But the word "conditional" keeps coming up for a reason.
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Related: Revolutionary Blockchain Plan to Tokenize Catastrophe Bonds Reduces Investment Barriers
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The US is one of the world's largest banking markets, and it's also one of the most competitive. Neobanks and fintechs have been trying to crack it for years with mixed results.
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The collaboration with the OCC, FDIC, and Federal Reserve will now move into a more intensive phase.
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Storonsky has been vocal about Revolut's global ambitions for years. The UK banking license, which the company finally secured after a prolonged wait, was another example of a…
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Related: Belgium Targets Offshore Piracy with Seizure of Crypto Wallets in Major Operation
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No timeline was given for when the conditional status might convert to full approval. Unclear how long that typically takes in cases like this, and Revolut didn't specify.
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