The line of fintechs waiting to become US banks moved again this month.
The Office of the Comptroller of the Currency granted conditional approval on September 3, 2026 for Revolut Bank US, N.A., a national bank to be headquartered in Stamford, Connecticut, as reported by Crowdfund Insider the following day. Revolut plans to capitalize the bank with $95 million, launch with about 160 staff, and open in the first half of 2027, subject to FDIC deposit insurance, Federal Reserve approval and final OCC sign-off.
Revolut serves more than 80 million customers globally and is targeting 100 million by mid-2027. Its planned US menu covers checking, installment loans, credit cards, multicurrency and foreign exchange accounts, and digital assets including stablecoins.
What this changes for business customers
Nothing yet. Revolut’s approval is conditional, and its US business banking product, if it comes, is a 2027 story. The significance is what the OCC is signaling. In July it denied Wise’s application, and on August 4 it denied Bunq’s. Revolut got through by applying for a fresh charter in March 2026 after abandoning plans to buy an existing lender, and by putting real capital and a US management team on the table.
Mercury is in the same queue
Mercury, the account at the top of our business banking ranking, received its own conditional OCC approval for Mercury Bank, N.A. in April 2026. As of this month it is still operating as a fintech, with deposits held by Choice Financial Group and Column N.A. and swept across partner banks for up to $5 million of FDIC coverage. Like Revolut, it needs FDIC and Federal Reserve approval before anything changes for customers.
For a business owner the practical question is the same either way: who holds your money today, and how much of it is insured? The answer for Mercury is partner banks and $5 million. For Bluevine it is Coastal Community Bank and $3 million. For Chase, Bank of America and Wells Fargo it is the bank itself and $250,000.
The bonus market this month
While the charters grind through, the big banks are paying for deposits. CNBC Select’s September 1 roundup lists business checking bonuses of up to $1,500 at BMO and M&T, $1,200 at U.S. Bank, $1,000 at Huntington, $825 at Wells Fargo and $750 at Bank of America, each with new-money and holding requirements.
Our best business bank accounts ranking compares eight accounts on fees, wires, insured balances and current bonuses.