Nubank and Revolut Secured Conditional US Bank Charters
Digital lenders plan to move beyond partner-led models to operate as independent US banks by early 2027.
Updated on Oct. 5, 2026 in Financial Services
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In 2026, fintech giants Nubank and Revolut received conditional approval to obtain full US banking charters. These firms intend to transition from current partnership arrangements to operating as standalone banks by the first half of 2027.
Why it matters
These firms are leveraging significant international capital and established global customer bases to challenge domestic banks on pricing and service efficiency. Their push into the US market marks a shift toward broader retail deposit and lending competition for local operators.
Nubank reported 131 million customers and $2.9 billion in 2025 net income, while Revolut posted 80 million customers and $2.3 billion in profit before tax. Currently, 5 million Latin American Nubank customers already utilize the platform for US-based purchases.
The players
Nubank
A digital-first financial platform that grew to serve 131 million customers by 2025.
Revolut
A global fintech company that provides retail and commercial banking services to 80 million users.
Lead Bank
A financial institution that served as a partner to assist Nubank in launching its US product suite.
The details
By securing individual charters, these firms can bypass current reliance on third-party partners like Lead Bank, allowing them to manage their own balance sheets and deposit accounts. This structure enables them to deploy operating leverage to lower consumer fees and offer more attractive interest rates than legacy competitors. Once fully standalone, these neobanks will be positioned to compete directly for the deposit and lending volume that sustains traditional branch-based institutions.
Timeline
2025 marked a year of high customer growth and profitability for both firms.
2026 saw the issuance of conditional US bank charters for Nubank and Revolut.
H1 2027 is the targeted timeframe for both firms to begin operating as standalone US banks.
Market Landscape
The move to acquire charters follows a documented trend where neobanks capture 40% of new US account openings by utilizing nimble product rollouts. This development signals that digital-only players are shifting from narrow product niches to broader competition against established retail banks.
Operators should monitor these firms for competitive pressure on deposit rates and fee structures beginning in 2027. Smaller financial institutions should evaluate their own digital delivery speed and customer retention strategies against these high-volume entrants.
The takeaway
The successful move of international fintechs into the US banking market signifies a structural shift in how retail customers access financial services. Local operators should track market-wide deposit migration patterns as these firms move toward full independence in early 2027.
Further reading
For context on how industry regulations influence digital growth, see the Financial Services section.
Source note: This article includes information reported by Consulting.
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