Fintech Giant Revolut Seeks U.S. Bank Charter to Expand Operations

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.