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Revolut and OpenReserve receive conditional OCC approval for U.S. bank charters
The U.S. Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for two fintech companies, Revolut and OpenReserve, to establish national bank charters.
Revolut, a UK-based fintech serving over 80 million customers, aims to launch its U.S. operations, Revolut Bank US, by 2027. The proposed bank would be headquartered in Stamford, Connecticut, and would allow the company to offer direct services such as loans, credit cards, and FDIC-insured deposits, reducing its current reliance on partner banks. Revolut also plans to integrate digital asset services, including stablecoins and cryptocurrencies. The company still requires final clearance from the OCC and approvals from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).
OpenReserve, a startup backed by Andreessen Horowitz (a16z), also received conditional approval to establish a full-service national bank, to be headquartered in Salt Lake City, Utah. OpenReserve intends to build a blockchain-native institution capable of 24/7 settlement and plans to issue its own stablecoin, rUSD. To reach full operational status, OpenReserve must meet specific capital requirements, including at least $210 million in initial paid-in capital, and secure FDIC insurance.
Entities
Andreessen Horowitz · Cetin Duransoy · Federal Deposit Insurance Corporation · Federal Reserve · Nik Storonsky · Nubank · Office of the Comptroller of the Currency · OpenReserve · OpenReserve Holdings · Revolut · United States · a16z
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 18 SOURCES] Once fully approved, Revolut plans to offer loans, credit cards, FDIC-insured deposits, and access to stablecoins and cryptocurrencies in the U.S. valor.globo.com · dev.tnonline.com.br · prnews.pl · startups.com.br · www.coincu.com · +11 more
- [● 21 SOURCES] The company still requires approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. valor.globo.com · dev.tnonline.com.br · prnews.pl · startups.com.br · www.coincu.com · +14 more
- [● 21 SOURCES] Revolut plans to launch its U.S. banking operations in 2027. valor.globo.com · dev.tnonline.com.br · prnews.pl · startups.com.br · www.coincu.com · +14 more
- [● 20 SOURCES] Revolut currently serves more than 80 million customers globally. valor.globo.com · dev.tnonline.com.br · prnews.pl · startups.com.br · www.coincu.com · +13 more
- [● 21 SOURCES] Revolut received conditional approval from the Office of the Comptroller of the Currency (OCC) for a U.S. national bank charter. valor.globo.com · dev.tnonline.com.br · prnews.pl · startups.com.br · www.coincu.com · +15 more
- [DISPUTED] OpenReserve received preliminary conditional approval from the OCC to establish a national bank. www.letsmoney.com.br · nosmokesport.com · thecryptobasic.com
- [● 2 SOURCES] OpenReserve raised US$ 25 million in a seed round led by a16z. www.letsmoney.com.br · thecryptobasic.com
- [DISPUTED] OpenReserve Holdings received preliminary conditional approval from the OCC to establish a full-service national bank. www.letsmoney.com.br · nosmokesport.com · thecryptobasic.com