Revolut to reportedly launch US bank in 2027
Revolut is reportedly preparing to launch a fully licensed US bank in 2027, aiming to secure a national banking charter from the OCC and offer US‑dollar checking accounts, savings products and debit cards directly to American consumers.
The move would mark Revolut’s first own banking entity in the United States; currently the company provides its services in the US through partnerships with existing banks and operates under e‑money licences in Europe and the UK. Revolut has been in talks with US regulators for several years and has hired former banking executives to build the charter application.
If successful, Revolut would join a growing group of neobanks that have obtained US charters, such as Varo, Chime (via its partner bank) and Current, increasing competitive pressure on incumbent banks and potentially lowering costs for users through its signature low‑fee, multi‑currency model.
Industry observers note that the timeline is ambitious given the typical 12‑ to 24‑month charter review process, and any delay could push the launch beyond 2027.
Key takeaways
- ▸Revolut seeks a national banking charter from the OCC to launch a US bank by 2027.
- ▸The venture would provide Revolut‑branded checking, savings and debit‑card products in the United States.
- ▸Currently Revolut operates in the US via bank partnerships and relies on European e‑money licences.
- ▸Success would put Revolut alongside chartered neobanks like Varo and Current, intensifying competition in the US neobank space.
- ▸Regulatory approval remains the key hurdle, with charter reviews typically taking 12‑24 months.
Why this matters
Revolut’s own US bank would give it full control over pricing, interchange and product rollout, reducing reliance on partner banks and potentially cutting costs for users. It would also increase competitive pressure on incumbent banks and other neobanks, likely accelerating the race for charters among fintechs. Regulators will scrutinise the application for consumer‑protection and safety‑and‑soundness compliance, making the outcome a bellwether for how quickly innovative firms can gain full banking status in the United States.
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