Revolut has receivedconditional approval from the US Office of the Comptroller of the Currency fora national bank charter.Revolut founder andCEO Nik Storonsky announced the development in a LinkedIn post today. He saidthe approval marks a major step towards establishing a full-service bankingoperation in the United States.In January this year, Revolutmoved away from plans to enter US banking through an acquisition andinstead pursued a national banking charter directly. Finance Magnates reportedthat the company had returned to the OCC as it sought to expand its bankingoperations in the US.OCC Approval Isn’t the Finish LineThe conditionalapproval does not allow Revolut to immediately operate as a fully establishednational bank. The company still has regulatory work to complete with the OCC,the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.Storonsky said Revolutstarted 11 years ago with a card and an app that helped customers save money onforeign exchange. Since then, the company has expanded its products and enterednew markets.He said Revolut cannotbuild a “truly global bank” without becoming a full-service bank in the UnitedStates. “This isn’t the finishline,” Storonsky said, referring to the remaining regulatory work.He added that theapproval followed years of work on the technology, infrastructure and controlsrequired to operate as a global bank.Revolut Targets Full US Banking AccessRevolut’s stated goalis to serve US customers directly with its broader range of products andservices. Storonsky said the company aims to serve Americans “fully anddirectly, with the complete Revolut experience.”The company will nowcontinue working with the OCC, FDIC and Federal Reserve to complete therequirements associated with the charter.This article was written by Tareq Sikder at www.financemagnates.com.