Revolut says it has received conditional approval from the U.S. OCC and is one step closer to establishing a bank in the U.S.

Revolut described the news as an "important" step - the financial technology company said it had obtained preliminary approval from the Office of the Comptroller of the Currency (OCC), moving one step closer to its goal of setting up a bank in the United States.

According to Revolut, the approval is conditional, meaning the company still needs to complete subsequent procedures before it can actually obtain a banking license and operate as a bank in the United States. Revolut did not explain the specific conditions in this public message, nor did it give a complete timetable.

The OCC is one of the main agencies responsible for supervising national banks and federal savings institutions at the federal level in the United States. If foreign financial technology companies want to operate as banks in the United States, obtaining approval from the agency is one of the hurdles they must pass. At present, the public information is limited to Revolut’s own statement. The OCC has not yet made a corresponding official statement or details of the approval conditions.