Revolut, the British fintech giant that offers cryptocurrency trading, has filed for a U.S. banking license with the Office of the Comptroller of the Currency (OCC), a key step in its push to expand into the U.S. financial system.
If approved, the license would allow the London-based company to operate more like a traditional bank in the world’s largest economy. The company said it would have direct access to payment networks such as Fedwire and the Automated Clearing House (ACH), systems that move billions of dollars between banks each year.
A license could also open the door to lending products, including credit cards and personal loans. Today, Revolut offers banking services in the United States through Lead Bank, a partner based in Kansas City. This arrangement allows it to provide accounts and payments without holding its own charter.
The filing comes after Revolut abandoned plans to buy a US bank in January and instead obtained a de novo banking license, which allows banks to start from scratch.
It also comes a day after Kraken became the first cryptocurrency exchange to obtain a Federal Reserve “prime account,” which gives its banking arm direct access to the Fed’s primary payments system.
Revolut, valued at around $75 billion, has said the US market is central to its goal of building a global digital bank. Approval of a charter would mark one of the company’s most significant regulatory milestones outside of Europe.
The crypto-friendly bank was granted a restricted banking license in the UK in 2024 and holds banking licenses elsewhere. It is not, however, a bank in all regions where it operates.
