U.S. Fintech Bank Charter Applications Surge in 2026 as Mercury Wins Conditional Approval

London-based Revolut, founded in 2015, serves more than 75 million customers worldwide, including about 1 million in the United States. Its U.S. services currently rely on partner banks. A national bank charter would give Revolut direct access to Federal Reserve payment networks including Fedwire and ACH, while allowing it to offer deposits, credit cards and loans itself and reduce intermediary costs.

Revolut applied to the Office of the Comptroller of the Currency for a national bank charter on March 5, 2026, and sought deposit insurance from the Federal Deposit Insurance Corporation. U.S. CEO Cetin Duransoy said on June 3 that the company aimed to begin operations in 2027, offering checking and high-yield accounts insured for up to $250,000 per account, as well as stablecoins, multicurrency deposits, stocks and cryptocurrency trading.

Mercury is a fintech company focused on financial services for businesses. Approval of its bank charter by the U.S. Office of the Comptroller of the Currency marks a new stage in its regulatory and business strategy. It also lays the groundwork for expanding its financial products, integrating AI technology and sustaining profitable growth.

As of July 20, 2026, Mercury had completed a $200 million Series D funding round led by TCV, lifting its valuation to $5.2 billion. The company reported annual revenue of $650 million. Reports did not disclose the exact dates of the charter approval or the financing's completion, and did not identify other participating investors.