On March 5, 2026, Revolut filed an application with the US Office of the Comptroller of the Currency for a federal banking charter. The application, submitted days before Revolut received its unrestricted UK banking licence from the PRA, would allow the 50-million-customer fintech to operate as a nationally chartered bank in the United States with direct access to Fedwire and ACH payment networks.
A federal charter would eliminate Revolut’s current reliance on partner bank relationships for US payment processing and deposit-holding. The company currently operates in the US through a combination of state money transmitter licences and partnerships with FDIC-insured banks that hold customer funds. Direct network access would reduce transaction costs and enable faster payment execution for its growing US customer base.
The OCC approval process typically spans 12 to 18 months, suggesting a potential charter grant in late 2027 at the earliest. If approved, Revolut would join a small group of non-US-originated fintechs holding federal bank charters. The application also positions Revolut to offer FDIC-insured deposit accounts directly, rather than through pass-through arrangements with partner banks.
The filing reflects a broader pattern among scaled neobanks seeking direct regulatory authorization rather than operating through intermediary structures. As customer counts grow into the tens of millions, regulators increasingly expect full banking supervision, and the companies themselves benefit from the operational efficiency and cost savings that direct infrastructure access provides.
