Revolut has taken a step closer to launching a bank in the US after clearing a major regulatory hurdle.
The Canary Wharf-based business has received conditional approval from the Office of the Comptroller of the Currency for its American national bank charter.
The UK’s biggest fintech is progressing its application with the Federal Reserve and the Federal Deposit Insurance Corporation, both of which it will need to secure ahead of plans to open its US bank as soon as next year.
Revolut Founder and CEO Nik Storonsky said: “Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”
This story is being updated, more to follow