Fintech companies are increasingly seeking national bank charters from the Office of the Comptroller of the Currency (OCC) to integrate regulated banking services into their operations. Over the 18 months leading up to August 11, the OCC received 40 de novo charter applications, compared to 48 applications filed between 2011 and 2024. According to Comptroller Jonathan Gould, 23 of these recent applications involve digital-asset activities.
Revolut and Upstart are pursuing national bank charters to offer consumer loans, credit cards, and FDIC-insured deposits. Revolut received conditional approval for Revolut Bank US, N.A. in September, while Upstart received conditional approval for Upstart Bank, N.A. in July. Both companies are currently awaiting further approvals from the Federal Deposit Insurance Corporation and the Federal Reserve.
Circle and Block are targeting national trust bank charters to focus on digital-asset custody and fiduciary services. Circle received final approval in July for its Circle National Trust, which will manage the USDC Reserve. Block has applied for a national trust bank, Builders Bank & Trust, N.A., which will not accept deposits or issue loans but will operate under a federal supervisory framework for its custody services.
Chime has chosen a different strategy by agreeing to acquire its long-term partner, Stride Bank, for $590 million in cash. The deal is expected to close in the first half of 2027, pending regulatory approval. By acquiring an existing nationally chartered institution, Chime aims to reduce funding costs and eliminate partner-bank fees while accelerating the development of its regulated financial products.
