Revolut Wins Conditional OCC Approval for U.S. Bank Charter

Revolut is expanding its European banking footprint by establishing local branches, a strategy that can deepen customer relationships and support deposits, payments and other financial services in individual markets. The Finland move underscores the digital bank’s effort to build a broader regional operating network as fintech companies intensify competition with established European lenders.

Revolut has formally applied for approval to establish a branch in Finland, marking its latest step to widen its presence across Europe. The application comes two weeks after the company received permission to open a branch in Greece, highlighting the accelerating pace of its regional push. Revolut has not disclosed a timetable for Finnish regulators to review or decide on the application.

Revolut has served European customers mainly through Lithuania-based Revolut Bank UAB, using the EU passporting regime to operate across the bloc since 2018. A French charter was not required to keep serving those markets, but it gives the fintech a second EU banking hub closer to its largest Western European customer base and local regulators. The dual-hub structure is intended to speed product localisation and support Revolut’s shift from a cross-border finance app into a major retail bank.

On Aug. 10, 2026, Revolut said Revolut Bank S.A. had won a full banking licence after a joint review by France’s Autorité de Contrôle Prudentiel et de Résolution and the European Central Bank; the ECB Governing Council formally adopted the decision. The bank will start with France before expanding in phases to Germany, Ireland, Italy, Portugal and Spain. Revolut serves about 30 million Western European customers, including nearly 8 million added in 2025, and has committed more than €1 billion to the region, more than 600 hires and a Paris headquarters opening in 2027.

Revolut entered Australia about six years ago and has built a local base of more than 1 million retail customers and several thousand business clients. A full banking licence allows the UK fintech, which serves more than 75 million customers globally, to expand beyond payments and foreign exchange into regulated deposits, interest-bearing savings and credit. Australia is its first licensed banking operation in Asia-Pacific, extending a banking footprint that already includes the UK, European Economic Area and Mexico.

Revolut said on July 21, 2026, that the Australian Prudential Regulation Authority had granted it a full, unrestricted Authorised Deposit-taking Institution licence, enabling the immediate launch of Revolut Bank Australia. Existing Australian customers will be transferred automatically, while new users will be onboarded directly to the bank. Eligible deposits are covered by the government-backed Financial Claims Scheme for up to A$250,000 per account holder. Revolut also committed to investing nearly A$400 million in Australia over five years, funding product development, growth and its local workforce.

U.S. fintech companies have traditionally relied on partner banks to provide deposit, payment and lending services, while a bank charter gives them direct control over financial infrastructure. The wave of applications in 2026 shows fintech and cryptocurrency companies shifting from challenging traditional banks to accepting oversight by the Office of the Comptroller of the Currency and building banking systems of their own.

Nearly 20 fintech and cryptocurrency companies applied to the OCC for bank charters in the first quarter of 2026. Corporate fintech company Mercury Bank received conditional approval on April 27, potentially enabling it to integrate Zelle and expand its lending and payments infrastructure.

Founded in London in 2015, Revolut previously operated in the UK mainly as an electronic money institution, with customer funds safeguarded in segregated accounts rather than covered by deposit insurance. With full banking status, Revolut Bank UK Ltd can offer current accounts, savings and credit services under the joint supervision of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Revolut applied for the license in January 2021 and received restricted banking authorization in July 2024, entering a mobilization period. The PRA lifted the restrictions on March 11, 2026, allowing the company to formally serve about 13 million UK customers as a bank. Eligible bank deposits are now protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, but cryptocurrencies, stocks and commodities are not covered.