Nubank and Revolut Received US Bank Charters

The two financial platforms secured conditional approvals in 2026 to operate as standalone banks in the United States.

Updated on Oct. 5, 2026 in Financial Services

Isometric editorial illustration of a heavy bank vault door set in a solid concrete wall, representing financial regulatory approval. — Financial platforms Nubank and Revolut have secured conditional approval for US bank charters, enabling them to launch standalone operations in 2027. AI Illustration. Upload story photo >

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Would you consider switching your primary banking relationship to a digital-only neobank?

Nubank and Revolut were granted conditional approval to become chartered US banks in 2026. The digital-only platforms intend to launch as standalone operations in the first half of 2027.

Why it matters

These institutions use international capital and cross-border customer bases to fund expansion, potentially challenging traditional US lenders. Their shift into deposit and lending services marks a strategic move to capture more domestic market share.

Nubank reported 131 million customers with $2.9 billion in net income in 2025, while Revolut reached 80 million customers and $2.3 billion in profit before tax. Approximately 59% of US consumers currently consider forming relationships with neobanks.

The players

Nubank

This major digital banking platform is based in Brazil and serves a massive international customer base.

Revolut

This global financial technology company headquartered in the United Kingdom provides banking and payment services.

Lead Bank

This financial institution partnered with Nubank to facilitate the delivery of bank products during its initial US market entry.

The details

Nubank has already established a presence through a partnership with Lead Bank to offer wire transfers, credit cards, and savings accounts. The firms plan to scale their US operations by leveraging the existing 5 million Latin American customers who already utilize Nubank for purchases in the country.

Nubank and Revolut generated significant annual profits and customer growth throughout 2025.
The companies received conditional US bank charters during 2026.
Standalone US banking operations are expected to begin in H1 2027.

Market Landscape

The expansion follows the industry trend of the 40% share of new US accounts captured by digital-only banks, which forces traditional firms to compete on digital infrastructure. By securing charters, Nubank and Revolut move from fintech partnerships to direct competition with established US retail banking incumbents.

Average consumers may soon see more competitive interest rates and lower fee structures for savings and credit products as these firms scale. These options provide additional alternatives to traditional banking for those already using digital-first financial services.

The takeaway

The rise of chartered neobanks signals a permanent shift toward digital-native financial infrastructure for US consumers. Shoppers should monitor these new entries for potential savings on fees and better interest rate offers compared to legacy banking products.