Revolut seeks de novo banking charter with OCC

Fintech firm Revolut is pursuing a U.S. banking charter by applying to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). This move follows Revolut's decision in January to abandon plans to acquire a U.S. lender in favor of seeking its own de novo license, likely due to the OCC's accelerated approval pathway that has benefited stablecoin issuers.

This application aligns with Revolut's core growth strategy to expand in the U.S. market, which the company views as a major milestone toward becoming a global bank. The context includes a broader shift in U.S. banking oversight, highlighted by Kraken recently gaining a master account with the Federal Reserve. While Revolut's current U.S. services are provided by Lead Bank, obtaining a charter could significantly aid in expanding its offerings, potentially including stablecoin services under future regulatory frameworks like the GENIUS Act.

(Source：The Block)