Revolut Still Waiting on US Banking License Six Months Later
Revolut's bid to launch an insured national bank in the US remains stuck in regulatory review.
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Key takeaways
- Revolut applied with the OCC and FDIC on March 4 to establish Revolut Bank US.
- The planned bank would handle deposits, loans, credit cards, and direct Fedwire/ACH connections.
- Six months later, the application remains pending while other bank charter requests move forward.
Six months. That's how long Washington regulators have kept Revolut Bank US hanging. The fintech firm wants to build a full-fledged national bank in the United States, but six months after dropping its charter application with the OCC and FDIC, it's still stuck in pending status.
The company filed its initial paperwork on March 4. Its blueprint for Revolut Bank US covers it all: taking customer deposits, issuing credit cards, lending funds, and hooking up directly to core federal payment rails like Fedwire and ACH.
A slow track for fintech expansion
Getting a national charter isn't fast for anyone, but this delay stands out. Over the exact same six-month window, federal regulators conditionally approved or converted charters for several other institutions. Revolut, meanwhile, is still waiting in line.
Direct access to payment networks would let the company cut out banking intermediaries in the US market, lowering operational costs and speeding up transactions for its user base.
Why it matters
If you use digital finance platforms to bridge cash and crypto, charter approvals matter. Without its own charter, Revolut has to rely on third-party partner banks to process fiat deposits and withdrawals. That reliance creates potential bottlenecks, higher costs, and compliance friction. Direct Fedwire and ACH access would mean faster settlement times and lower fees for users moving money across the ecosystem.
Source: CryptoSlate
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