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

London-based Revolut serves more than 80 million customers globally and operates in over 39 countries, but its U.S. business still relies on FDIC-insured partner banks for cards, credit and payments. A national bank charter would let it take insured deposits, extend loans and access U.S. payment rails more directly, lowering costs and reducing its dependence on third parties. The move is central to Revolut’s ambition to build a global digital bank and compete head-on with established U.S. lenders.

Revolut Bank US, N.A. filed its de novo application on March 10, 2026, and received preliminary conditional approval from the OCC on Sept. 2, with a 2027 launch planned. It must still secure FDIC deposit insurance, Federal Reserve approvals and final OCC clearance, and start with at least $95 million in paid-in capital. Retail foreign exchange was excluded from the approval, while FX forwards, merchant acquiring and foreign non-affiliate correspondent banking require separate supervisory non-objection. The approval expires if the bank does not open within 18 months.

The Office of the Comptroller of the Currency is increasingly treating federal charters as a route for technology firms to control core infrastructure, rather than merely satisfy compliance demands. Digital-asset applicants are pursuing national trust banks to bring custody, stablecoin reserve management, settlement and conversion under federal supervision. Fintech companies including Upstart and Itaú are making a broader bet on insured, full-service national banks, seeking direct access to deposits, lending and balance-sheet capacity that would otherwise depend on partner banks.

In the 90 days through Aug. 24, 2026, the OCC made nine significant charter determinations: six preliminary conditional approvals, one final approval and two denials. Four of the six conditional approvals involved digital-asset infrastructure, while 12 more digital-asset applications remained pending. Circle National Trust Bank received final approval on July 10 to conduct fiduciary custody for Circle and its affiliates, potentially serve institutional custody clients and manage USDC reserves. Conditional approvals do not permit operations; applicants must still meet OCC pre-opening requirements and, where applicable, secure Federal Reserve and FDIC approvals.

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.