Revolut Group Holdings Ltd

The profile

Revolut sells payments rather than banking in the United States, and the charter it has just been granted is an application to change that. The Office of the Comptroller of the Currency describes the group as 'a global financial payments company offering prepaid, debit, and credit cards, currency exchanges, payment services, remittances, trading, and cryptocurrency services through operating entities in more than 39 countries', supervised entity by entity in each chartering jurisdiction; in the United States it currently reaches customers through FDIC-insured partner banks. The parent, Revolut Group Holdings Ltd, is regulated by the United Kingdom's Prudential Regulation Authority, and Revolut Ltd, the affiliate the letter calls TechCo, is regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011. On 10 March 2026 the organizing group applied for a de novo national bank charter; on 2 September 2026 the OCC granted preliminary conditional approval as Corporate Decision #1390, proposed charter number 25420, for a full-service insured national bank in Stamford, Connecticut with no branches and no trust powers, wholly owned by Revolut Holdings US, Inc. The digital asset perimeter drawn in that letter is narrow and explicit. The bank may offer non-fiduciary custody of digital assets through TechCo and may let deposit and custody customers pay cross-border remittances using digital assets including stablecoins; digital asset services revenue is projected at under 2 per cent of total bank revenue across the three-year de novo period; the bank does not intend to hold any digital assets on its balance sheet; and on Revolut-branded stablecoins it will be neither the issuer nor the manager of reserves, its role limited to marketing, customer access and custody. Four conditions attach, including a tier 1 leverage ratio floor of 10.0 per cent for three years and a written no objection before any foreign exchange forward, merchant acquiring or foreign non-affiliate correspondent banking product is offered; the retail foreign exchange business is excluded from the approval altogether. Initial paid-in capital must be at least $95m. The Block reports that the group already holds bank licences in France, Australia and the United Kingdom, and quotes chief executive Nik Storonsky calling the approval 'an important first step'.