By Tatiana Bautzer
Sept 3 (Reuters) – British fintech Revolut said on Thursday it has received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter, marking a major step in its push to launch a fully-fledged American bank by 2027.
After the conditional approval from the OCC, Revolut now expects the green light from the FDIC and Federal Reserve for the banking operations, said Cetin Duransoy, Revolut CEO in the U.S., in an interview with Reuters.
Revolut has 80 million customers worldwide and its bank will be based in Stamford, Connecticut. Revolut will inject around $95 million in capital into the new bank, the CEO said. The bank will offer products including checking accounts, installment loans, credit cards and foreign exchange services. The bank is also expected to launch a stablecoin, Duransoy added.
(Reporting by Sri Hari N S in Bengaluru; Editing by Shailesh Kuber and Franklin Paul)
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