Fintech giant Revolut has received conditional approval for a U.S. national bank charter, advancing the financial technology industry’s long-running effort to replace banks by eventually becoming one.
The company plans to launch a full-service American bank offering checking accounts, credit cards, installment loans, foreign exchange and a stablecoin, combining the revolutionary convenience of fintech with the traditional banking innovation of being legally authorized to operate as a bank.
Revolut still needs additional approvals from the FDIC and Federal Reserve before opening, giving regulators an opportunity to verify that the disruptive financial institution is sufficiently indistinguishable from the institutions it disrupted.
“This represents the next phase of our mission to reinvent banking,” said one fintech executive, submitting several thousand pages of banking paperwork to Washington.
The company plans to invest roughly $95 million in its U.S. operation and establish a base in Stamford, Connecticut.
Industry analysts praised the strategy as evidence that fintech has matured beyond simply criticizing banks for branches, bureaucracy, compliance departments and government oversight.
It now intends to have all four.
The remaining disruption will be conducted through the app.
Inspired by:
Reuters - "Revolut wins conditional US banking license" (September 3, 2026)
