Revolut has secured conditional approval from the U.S. Office of the Comptroller of the Currency to pursue a full national bank charter, marking a major regulatory step toward operating as a bank in the United States.

The company, which serves about 80 million customers globally, aims to reach 100 million by mid-2027 and plans to expand in the U.S. with access to cryptocurrencies and stablecoins as part of its offerings.

The proposed Revolut Bank US would be based in Stamford, Connecticut, and, if it clears final approvals, could launch in the first half of 2027 with services including checking, lending, and credit cards, followed by broader crypto services.

OpenReserve, the fintech behind the bid, previously raised a $25 million seed round led by a16z crypto with participation from multiple investors.

Regulators and watchdogs have raised concerns about Revolut’s compliance history and BSA/OFAC obligations, with Lithuania fining it €3.5 million in 2025 for AML deficiencies, though Revolut says corrective actions are underway.

Analysts note Revolut’s rapid regulatory progress could heighten competition among digital banks, neobanks, and crypto platforms in the U.S., contrasting with peers like Wise and Bunq.

OpenReserve, founded in 2025 and backed by Andreessen Horowitz, envisions a blockchain-based bank offering traditional banking plus tokenized deposits, digital asset custody, and on-chain settlement.

The firm plans a subsidiary to issue U.S. dollar–backed stablecoins, though that subsidiary’s application has not yet been filed.

Revolut’s valuation jumped to about $115 billion after a July secondary offering, signaling strong market momentum.

a16z crypto argues that OpenReserve and similar banks will broaden banking options and spur technological progress in the sector.

OCC requires OpenReserve to raise roughly $210 million in initial capital and maintain a Tier 1 leverage ratio of at least 12% during the first three years.

Revolut’s U.S. strategy is being led by CEO in the U.S., Cetin Duransoy, who discusses progress in Reuters interviews.