The news: Revolut won conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national banking license. 

The approval opens a path for Revolut to offer loans, credit cards, and insured deposits directly to US customers.

Zooming out: Revolut reached a $115 billion valuation in July and now serves more than 80 million customers globally, per AFP. It’s targeting 100 million customers in 100 countries. 

The bank is making strides toward that goal. It secured a UK banking license in March and a French banking license last month, letting its French bank operate alongside its Lithuanian subsidiary as dual hubs in the EU, per AFP. 

The US push is part of a broader $13 billion plan to enter 30 new markets by 2030, of which $500 million is earmarked for the US.

Why it matters: Revolut's scale dwarfs its established US fintech rivals. Revolut reported £4.5 billion ($6.1 billion) in revenues for fiscal 2025, up 46% year over year, per Revolut's FY 2025 results. 

Chime, the largest domestic neobank, reported $2.2 billion in annual revenues in 2025. 

But Revolut isn’t the only big competitor entering the space. Nubank won its own conditional OCC approval in February; it reported more than $4 billion in revenue in Q3 2025 alone across over 120 million customers.

Implications for financial providers: Revolut and Nubank both bring far larger user bases and revenues than any US neobank challenger, and their growth playbooks have traveled well in other markets. 

And both could become especially formidable competitors for younger customers. Neobanks overtook credit unions for Gen Zers’ primary banking relationships in 2025, with 17.2% of Gen Zers depending most on a neobank, compared with 7.3% who primarily relied on a credit union, per EMARKETER survey data. Traditional banks also lost share but maintained a healthy lead.

A chartered Revolut could combine its comprehensive product suite and digital capabilities with the ability to offer insured deposits, loans, and credit cards directly. That would position it to compete more aggressively for young customers whose financial relationships are still taking shape—giving US financial providers more urgency to strengthen those relationships now.

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