Revolut wins conditional US banking licence

British digital bank Revolut said Thursday it had won conditional approval for a US banking licence, moving it closer to launching as a national bank in the United States.

The approval by the US Office of the Comptroller of the Currency could eventually allow Revolut to offer loans, credit cards and insured deposits directly to US customers.

Nik Storonsky, Revolut's co-founder and chief executive, called the conditional approval "an important first step" toward establishing the proposed Revolut Bank US. He said it would give the company a foundation in what he described as the world's largest financial market.

Revolut said it is working with authorities to launch the US bank in 2027. The company has previously relied on partnerships with US banks to provide banking services.

The British company secured a banking licence in its home market in March, lifting restrictions on its ability to compete with established retail lenders. It also received a full French banking licence last month, allowing its French bank to operate alongside its Lithuanian subsidiary as dual hubs in the European Union.

Founded in 2015, Revolut reached a valuation of $115 billion in a secondary share sale in July. The company says it serves more than 80 million customers globally and is targeting 100 million customers in 100 countries.

Storonsky said in April that an initial public offering of Revolut shares was at least two years away. Revolut's growth has drawn criticism in recent years over its ability to comply with financial regulations, particularly rules aimed at combating fraud and money laundering.