Revolut Wins US Banking License, Opening \ Market to Full Retail Banking

Revolut has received full approval for a national bank charter from the Office of the Comptroller of the Currency, making it the first UK-headquartered fintech to gain direct access to the US retail banking market without a partner bank intermediary.

The license, effective June 1, grants Revolut the right to hold FDIC-insured deposits, issue its own credit products, and operate across all 50 states. The approval ends a 34-month application process that required Revolut to raise additional capital, appoint three independent board members, and implement enhanced anti-money-laundering controls.

Revolut had 2.8 million US customers at the end of 2025, most of whom used the app for international transfers and currency exchange rather than primary banking. The company has confirmed it will offer 5.2% APY on savings accounts at launch — 180 basis points above the national average.

Based on my analysis of the US neobank market, the competitive threat to established players is real but time-limited. Revolut's European product depth — stocks, crypto, insurance, business accounts — is years ahead of US competitors. But customer acquisition costs in the US are 3-4x higher than in Europe, and brand recognition outside major coastal cities remains low.