FinTechs Seek Different Bank Charters as OCC De Novo Applications Rise

FinTechs are pursuing sharply different federal banking charters, with some targeting insured deposits and lending while others focus on custody and digital-asset infrastructure. The Office of the Comptroller of the Currency has received 40 de novo charter applications in 18 months, including national trust bank proposals.

OCC Sees Surge in New Charter Requests

The OCC reported Aug. 11 that it received 40 de novo applications during the previous 18 months, including applications for national trust banks. That compares with 48 applications during the 14 years from 2011 through 2024.

Comptroller Jonathan Gould said Aug. 19 that 23 of the 40 applications involve some form of digital-asset activity in their business plans.

Revolut and Upstart Target Deposits and Lending

Revolut received conditional OCC approval Sept. 2 to establish Revolut Bank US, N.A. The bank would offer U.S. customers FDIC-insured deposits, loans, and credit cards, plus access to stablecoins and cryptocurrencies. Revolut is still working with the Federal Deposit Insurance Corporation and Federal Reserve and must obtain final OCC approval before launching.

Upstart received conditional OCC approval in July for Upstart Bank, N.A. Its application for FDIC deposit insurance and its Federal Reserve application to become a bank holding company remain pending. Upstart Bank would accept FDIC-insured deposits and originate consumer loans nationwide.

Circle and Block Pursue National Trust Models

Circle received final OCC approval in July to establish First National Digital Currency Bank, N.A., operating as Circle National Trust. The bank will provide fiduciary digital-asset custody for Circle and its affiliates and may expand custody to institutional customers. It can also manage the USDC Reserve. Circle had preliminary conditional approval in December before receiving final approval.

Block has applied to establish Builders Bank & Trust, N.A. The proposed institution would be an uninsured national trust bank that would not accept deposits or make loans. Its charter would focus on custody and related fiduciary services, including services involving bitcoin and stablecoins.

Chime Chooses an Acquisition Path

Chime agreed Tuesday to acquire Stride Bank for $590 million in cash. The deal is expected to close in the first half of 2027, subject to regulatory approvals and customary closing conditions. If completed, Stride would become Chime Bank, N.A., a wholly owned subsidiary of Chime.

Stride is already a nationally chartered bank and has served as a Chime partner for more than seven years. Chime said owning Stride could eliminate partner-bank fees, reduce funding costs, and speed development of regulated products.

Why It Matters

The OCC’s charter pipeline is producing federally supervised institutions with different authorities. Deposit-taking national banks can compete for funding and credit relationships, while national trust banks can bring custody and related activities under federal oversight without adopting a conventional deposit-and-lending model. Acquisition offers another route by bringing existing charters and infrastructure under FinTech ownership.