The Rise of Fintechs Becoming Banks in 2026
The year 2026 is proving to be a pivotal year for the financial technology industry, with an increasing number of fintechs seeking to become fully licensed banks. In the first quarter alone, nearly 20 neobanks, digital asset companies, lenders, and payments providers have applied for or conditionally received bank charters from the Office of the Comptroller of the Currency (OCC). Jonathan Gould, the Comptroller, has publicly stated that his agency aims to process charter applications within 120 days of submission, a goal that has been achieved for a majority of recent applications.
This influx of charter applications is being driven by a “now-or-never moment” of regulatory receptivity under the current administration. Fintechs and crypto firms are seizing the opportunity, catalyzed further by the GENIUS Act, a law regulating stablecoins that was passed last summer.
Highlighting the Fintechs Making the Leap
A selection of fintechs have already made significant strides in their journey to becoming banks. Here are some key examples:
Mercury Bank
Business banking fintech Mercury Technologies announced in April 2026 that it had received conditional approval from the OCC to establish Mercury Bank. The de novo charter will allow Mercury to incorporate Zelle into its user accounts, expand its lending products for both businesses and individuals, and build its own payments infrastructure. The bank’s main office will be in Salt Lake City, Utah.
Agora National Trust Bank
Stablecoin fintech Agora Finance announced that it applied for a national trust bank charter with the OCC in April 2026. According to the filing, Agora Bank will primarily provide services related to digital asset custody, investment advisory, and stablecoin issuance. The main office of Agora Bank will be located in New York, New York.
OpenReserve Bank
The group behind a new de novo national bank application wants to offer traditional banking with blockchain infrastructure. An OCC filing for the newly established OpenReserve references stablecoin risk management, tokenized deposits, and on-chain settlement operations. OpenReserve Bank also seeks to form a wholly owned subsidiary called ReserveUSD for GENIUS Act-related stablecoin services. The bank, if approved, will be based in Salt Lake City, Utah.
Coinbase
Coinbase, the largest digital currency exchange in the U.S., received conditional approval for its trust charter application from the OCC in April 2026. Coinbase is not actively seeking to become a traditional bank, but will be using the charter to expand institutional digital asset custody. The application was contested by bank trade groups when it was filed last fall.
Revolut Bank
U.K.-based challenger bank Revolut submitted an application to the OCC for
