The firm has cleared one of the regulatory hurdles needed to operate as a fully fledged bank in the US.
Revolut said it was a step closer to launching a US bank after securing conditional approval from a regulator, months after becoming a bank in the UK.
The London-based business said it had the preliminary green light from the Office of the Comptroller of the Currency (OCC) for its US bank charter.
This means clearing one of the regulatory hurdles needed to operate as a fully fledged bank in the nation.
Revolut made a US bank charter application in March, around the time that it received the all-clear to launch a UK bank following a lengthy wait for approval.
It still needs to get approvals from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) before it can start offering new products and services to US customers.
Revolut said it plans to launch the US bank next year.
Nik Storonsky, Revolut’s founder and chief executive, said the conditional approval was “an important first step” towards the proposed launch, adding: “It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”
Revolut has around 80 million customers around the world and says it could reach 100 million by mid-2027 at the current trajectory.
The firm already had 13 million UK customers, using features like foreign exchange, international spending and investment products, before securing a full banking licence.
This means it can now offer bank accounts to people and businesses and enables plans to offer a wider array of banking services like loans and credit cards.
Revolut hopes to emulate this expansion in the US where it plans to offer access to cryptocurrencies and stablecoins amid growing demand for the investments.
