Revolut has received conditional approval from the US Office of the Comptroller of the Currency for a national bank charter.

Revolut founder and CEO Nik Storonsky announced the development in a LinkedIn post today. He said the approval marks a major step towards establishing a full-service banking operation in the United States.

In January this year, Revolut moved away from plans to enter US banking through an acquisition and instead pursued a national banking charter directly. Finance Magnates reported that the company had returned to the OCC as it sought to expand its banking operations in the US.

OCC Approval Isn’t the Finish Line

The conditional approval does not allow Revolut to immediately operate as a fully established national bank. The company still has regulatory work to complete with the OCC, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.

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Storonsky said Revolut started 11 years ago with a card and an app that helped customers save money on foreign exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term. Since then, the company has expanded its products and entered new markets.

He said Revolut cannot build a “truly global bank” without becoming a full-service bank in the United States. “This isn’t the finish line,” Storonsky said, referring to the remaining regulatory work.

He added that the approval followed years of work on the technology, infrastructure and controls required to operate as a global bank.

Revolut Targets Full US Banking Access

Revolut’s stated goal is to serve US customers directly with its broader range of products and services. Storonsky said the company aims to serve Americans “fully and directly, with the complete Revolut experience.”

The company will now continue working with the OCC, FDIC and Federal Reserve to complete the requirements associated with the charter.