Revolut gets an OCC thumbs up to launch a US bank, but lending ambitions are another issue.
Technically, financial technology company Revolut is already a bank across several regions—it holds licenses in the U.K., France, Mexico and Australia.
Now, in the U.S. market, it is one step closer to bankhood.
The London-based startup announced Thursday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter. The move would help the company grow its customer base from 80 million to 100 million by mid-2027.
It also exemplifies Revolut’s agility as a fintech compared to traditional banks, which typically take years to pull off similar expansion efforts.
“Legacy banks are working with legacy systems,” David Tirado, Revolut’s VP of Profitability and Global Business, told Global Finance in an interview last year. “Revolut, on the other hand, built our proprietary technology from the ground up with a global mindset. While competitors struggle to scale across different markets and regulatory landscapes, our systems were designed for this from day one.”
What Else Does Revolut Need?
Revolut still needs a green light from the Federal Deposit Insurance Corp. and the Federal Reserve, as well as final sign-off from the OCC, before it can open the proposed bank.
Once fully approved, Revolut said it would offer U.S. customers loans, credit cards, FDIC-insured deposits, and access to stablecoins and cryptocurrencies.
In a prepared statement, Revolut founder and CEO Nik Storonsky said the conditional approval was “an important first step towards establishing the proposed Revolut Bank US,” adding that it gives the company “the foundation to build in the world’s largest financial market.”
The U.S. bid follows Revolut’s expansion across Latin America, where the company recently launched a bank in Mexico and is pursuing licenses in Brazil, Colombia, Peru and Argentina. This year, Revolut has also obtained banking licenses in France, Australia and the U.K., a payments license in the United Arab Emirates, and is seeking a banking license in South Africa.
The company claims to add roughly 1 million customers every 17 days.
What About Lending?
Whether Revolut can become a customer’s primary financial institution without being a major loan underwriter remains to be seen. Revolut’s consumer lending segment remains small relative to its tens of billions in customer deposits. Still, it’s worth noting that the so-called neobank’s loan book, as of March, is up 120% year over year at $2.9 billion.
Felipe Peñacoba Martinez, CEO of Getnet Platforms Payments Hub and former CIO at Revolut Bank (EU), told Global Finance in June: “Revolut is aware this takes time, and they’re going slower than in other areas.”
Ultimately, the central question facing the industry is whether fintechs like Revolut can scale core banking products faster than traditional incumbents can modernize their digital ecosystems.
Anthony Noto covers corporate finance and private credit. Contact him at anoto@gfmag.com
Universal Studios Hollywood is almost ready to properly open its new Fast & Furious: Hollywood Drift coaster. The high-speed thrill ride, which has been operating in technical rehearsals since late July, has an opening date: Sept. 16.
The coaster has essentially been in an extended testing phase. By giving the ride an official opening date, the theme park is announcing that the attraction is ready for daily operations.
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Fast & Furious: Hollywood Drift, which seats riders in expertly designed mini-vehicles designed to reference real automobiles, has long been circled as the most important theme park attraction of 2026, a feat of engineering nestled on a steep hill between the park’s upper and lower lots that was 10 years in the making.
The ride — designed by Universal, manufactured by Intamin — has already changed the look and feel of Universal Studios, giving the park its first major outdoor thrill ride. Once known primarily as a studio tour park, Universal has been undergoing a large-scale overhaul throughout the last decade-plus, adding immersive lands such as the Wizarding World of Harry Potter and Super Nintendo World.
Now it has a coaster that feels akin to taking a joyride, complete with authentic engine and brake sounds. So if you’re thinking of taking Fast & Furious: Hollywood Drift for a spin, here’s what you need to know.
The view of Fast & Furious: Hollywood Drift from Universal Studios Hollywood’s Wizarding World of Harry Potter.
(Todd Martens / Los Angeles Times)
Is the ride included with Universal Studios admission?
Yes. A daily ticket starts at $109.95, although prices vary by day and expect to pay in the $150 range for a weekend date. Unlike Disneyland, Universal does not require reservations, but it is recommended to buy in advance.
Are express passes available?
Universal Studios will sell front-of-the-line access as an add-on to a daily ticket — but not yet. Fast & Furious: Hollywood Drift will not be included in express pass offerings at launch, according to a Universal spokesperson. That means all guests will have to wait in the same line. Express access is expected to be offered at a later date.
So, how long should I expect to wait in line?
A while. During technical rehearsals, afternoon waits routinely topped two hours, with some waiting longer than three and closer to four, although the last was rare. Expect operations to run a little smoother thanks to the soft open phase, but come prepared to be patient.
Is the ride included with Halloween Horror Nights?
The short answer is no. The longer answer: Those who spring for what Universal calls the R.I.P. Tour, however, will be able to ride. A guided experience, that ticket is $479 per person. (The fine print: Earlier this summer Universal did promise Hollywood Drift access with some tickets, but has since removed that option. The park has stated it will honor the terms of those who purchased the tickets before access was removed, and those buyers should have received instructions from Universal.)
The Fast & Furious: Hollywood Drift coaster features multiple inversions.
(Todd Martens / Los Angeles Times)
Tell me about the ride. How intense is it?
The ride reaches speeds of 72 mph, the fastest coaster in Universal’s global portfolio, while traversing 4,100 feet of track, two towering inverted loops and a pretzel loop. There are four individual launch points, and the coaster cars have the ability to rotate 360 degrees. It’s intense, but it’s also incredibly smooth, which helps it feel more approachable.
Wait, 360 degrees? Will I get motion sick?
Individual results will vary, of course, but for reference I am someone who can’t do extreme coasters — Magic Mountain’s Wonder Woman Flight of Courage is too much for me — and struggle on attractions that spin, such as Walt Disney World’s Guardians of the Galaxy: Cosmic Rewind. Yet I’ve been completely fine on multiple rides of Hollywood Drift. The spinning isn’t gratuitous, as the cars turn and drift with the flow of the track, so the movement feels aligned with direction.
Can I request a specific car?
You can! But be kind and patient with Universal staffers, who may not always be able to grant such requests due to crowding. If you have a specific concern, however, raise it with the coaster staff, and they will likely accommodate.
One of the ride vehicles of Fast & Furious: Hollywood Drift.
(Todd Martens / Los Angeles Times)
What’s the ‘easiest’ car for those who are nervous?
The middle cars, although not by much. All rotate, all experience the same speed and inversions. There are four vehicles, and the first provides the most striking views, including of the track’s drops, so the squeamish are advised to aim for the middle two cars, as it will provide a better sense of where the coaster train is heading. I’ve been told by some at Universal that the last row of the last car — each car seats four — can feel a little more riveting as it will heighten some of the speed and lift sensations. But I’ve sat in the front and the last car, and still don’t know if any differences were in my head or not.
Is there a height requirement/maximum?
Yes, you must be at least 51 inches tall to experience the coaster. There is no listed height or weight maximum, but guests are encouraged to sit in a test vehicle outside the attraction before getting in line. Riders must be seated completely inside the vehicle, which uses a pull-down lap bar, and be fitted against the headrest.
How accessible is it?
Modern roller coasters are not known for their accessibility, but Hollywood Drift is surprisingly accommodating for how intense it is. I am not small. I am 6-foot-2 and more than 210 pounds, and found Hollywood Drift to be one of the more comfortable coasters I have been on. There’s also plenty of leg room. I know a number of people significantly larger than me who have been able to ride successfully.
Where is the ride located in the park?
Across from the Wizarding World of Harry Potter. But you can’t miss it, as you need to pass it to get to the park’s lower lot, and it’s viewable from pretty much anywhere.
Well, is it worth riding? What’s your verdict?
I think it’s a blast. I rode the coaster on its first day of technical rehearsals, and as I wrote in my review, it’s full of surprises, of wondering where and when a coaster vehicle will be spin, careen or accelerate. Every turn, twist, flip leaves you guessing. Some of the park’s Toluca Lake neighbors, however, may be less enamored with it.
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AROUND the world are some very weird and wonderful McDonald’s and now, some of the best in Turkey have just been revealed.
They have been selected by McDonald’s itself, with one in particular being selected for its incredible views over the Turkish Riviera and it even has evening DJ sets.
The McDonald’s in Bodrum Yalıkavak has praised for being beautiful and luxuriousCredit: Instagram/mcdonaldsturkiyeIt looks over the marina and has incredible sunset viewsCredit: Google maps
McDonald’s has put together a list of its best restaurants in the country calling them the ‘7 Wonders of McDonald’s’.
The seven restaurants were picked for their stand-out architecture, location and overall experience.
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One that stands out is one in Yalıkavak on the Bodrum peninsula which was picked for its beautiful views across the ocean.
McDonald’s said: “The restaurant combines the atmosphere of the Aegean with stunning sunset views.
“A remarkable option for those seeking a restaurant with a view in Yalıkavak, it offers a spacious setting for those wanting to take a break for a meal or coffee around Yalıkavak Marina.”
It proves to be popular with visitors too and the McDonald’s has made several appearances on social media.
One visitor made a TikTok about the spot and called it the ‘most luxurious McDonald’s’.
As she walked through, she showed off the beautiful views across the Turkish Riviera with yachts in the marina.
Some of the best views are from the rooftop terrace where guests can dig into their meal while overlooking the marina.
Another TikTok revealed that when the sun goes down, a DJ takes over the terrace and turns the evening into an event.
This McDonald’s is unlike most you’ll find in the UKCredit: Tripadvisor
In the comments, one person wrote: “Wow, make McDonald’s premium.”
Another visitor called the restaurant the ‘best McDonald’s in the world’.
They added: “The restaurant needs to meet the sea view and nature uniquely. I love the landscape and mill; history, nature and sea are a perfect place. The most beautiful McDonald’s restaurant in the world.”
Guests can tuck into McDonald’s classics like hamburgers, chicken burgers and chicken nuggets.
Tables sit right by the water and sometimes a DJ puts on evenings setsCredit: Google mapsDiners can enjoy specialities like the Köfte Burger and McFloat drinksCredit: Google maps
But there are other specialities that you don’t get in the Köfte Burger, the Adana Style Meatball Wrap, onion rings, ice cream sundaes and churros.
There’s also the option to buy McFloat drinks which are Coca Cola and flavoured sprite with ice cream on top.
The 31-year-old Durham bowler will not play against Pakistan in the upcoming second Test match.
Published On 24 Aug 202624 Aug 2026
England fast bowler Brydon Carse has been dropped from the squad for the second Test against Pakistan amid an investigation into an incident at a club in Derby, the England and Wales Cricket Board (ECB) has said.
“Following a referral from the ECB, the Cricket Regulator has confirmed that they will investigate events on Saturday night in Derby,” the board said in a statement on Monday.
“Brydon Carse will no longer be available for selection for the second men’s test while this investigation is ongoing and the full facts are obtained.”
Carse, who did not play in the opening test victory at Headingley, will be replaced by Sonny Baker.
Videos circulated on social media appearing to show the 31-year-old Durham bowler in handcuffs being spoken to by police officers outside a venue. According to reports, Carse was not arrested and no charges were brought.
It has been a busy summer for England’s Cricket Regulator, the body set up to investigate matters where there is an allegation of a breach of the ECB’s code of conduct.
In June, it concluded an investigation into former test captain Ben Stokes and fast bowler Gus Atkinson after a nightclub incident following the first test against New Zealand.
Both were left out of the second test before the regulator ruled that there was insufficient evidence to establish that any regulatory breach occurred.
The latest investigation comes five days after England’s returning test captain Joe Root spoke of the players being “really good role models and human beings” following a series of incidents and accusations of a drinking culture.
Controversy has followed England recently, with off-field issues during last winter’s tours – including Harry Brook being fined 30,000 pounds ($41,000) following an altercation in Wellington, New Zealand – as well as reports of drinking during a mid-Ashes series trip to Noosa.
Stokes retired from international cricket after returning for the third test against New Zealand and Brendon McCullum was sacked as test coach.
On July 23, Volodymyr Zelensky told Ukrainians that Raytheon wanted to help produce Patriot interceptors on Ukrainian-linked lines. Five days later, Lockheed Martin signed a second license, this one for the PAC-3 MSE — the hit-to-kill missile that has spent three years picking Russian ballistic warheads out of the sky over Kyiv. For a moment it looked like a watershed: the United States handing a country still absorbing nightly missile and drone barrages the blueprint to build its own air defense. Then, within days, the story came apart in public. US Ambassador Matthew Whitaker said Washington would not allow Ukraine to build PAC-3s at all. Donald Trump called the technology transfer “a hard thing to give away.” NATO’s own envoy said no agreement would close before winter. Something had clearly been decided. Nobody could agree on what.
The Patriot system is the closest thing the West has to a proven shield against ballistic missiles, and it is scarce almost everywhere it is needed. Roughly twenty countries now compete for a production line that turns out about 650 PAC-3 MSE interceptors a year worldwide — Lockheed Martin’s entire global output, shared among Ukraine, Israel, Taiwan, Gulf states and the US Army’s own depleted stocks. Russia, meanwhile, has been firing 55 to 60 Iskander ballistic missiles a month at Ukraine alone, before counting the nightly Shahed drone waves that push crews to expend scarce interceptors on cheaper threats out of necessity. The Pentagon has spent much of the past two years quietly rationing Patriot allocations across allies, reportedly diverting orders meant for Taiwan and Ukraine to replenish American stockpiles. Against that backdrop, “Ukraine will build its own Patriots” is not primarily a sovereignty story. It is a story about whether the system that makes Patriots for everyone else can keep up at all.
What the deal actually requires
Start with what was actually signed, because the headlines overstate it. Raytheon’s license covers the PAC-2 GEM-T, an older blast-fragmentation interceptor effective against aircraft and cruise missiles. Lockheed Martin’s covers the PAC-3 MSE, the missile that actually stops Iskanders and Kinzhals. Neither license includes the radar, the fire-control system or the launchers; those still come from existing Patriot batteries. And neither company has committed to building these missiles on Ukrainian soil in the near term. Reporting from Reuters and Ukrainian officials both point to Germany, which already runs its own PAC-2 line, as the likely first production site, with capacity shifting to Ukraine only “after the war ends.” What was announced in July, in other words, is not a factory. It is paperwork that keeps a door open.
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Even so, the paperwork matters, because of what it concedes. Every PAC-3 MSE round carries a 24-month production lead time for the missile itself and 30 months for its solid rocket motor. Boeing manufactures every active radar seeker that guides it from a single facility in Alabama, capped at 650 to 700 units a year — a bottleneck no amount of Ukrainian factory floor changes. Aerojet Rocketdyne is the sole source for the motor. These are not obstacles a co-production agreement dissolves; they are structural limits on how fast the United States can arm anyone, Ukraine included. A government does not open its most tightly export-controlled missile program to a country still under nightly bombardment unless it has concluded that the existing pipeline, working alone, cannot meet demand. That is the admission buried in the announcement: not that Ukraine’s industrial base is ready, but that Lockheed’s and Raytheon’s are strained, and Washington needs help from a country it would ordinarily be supplying, not licensing.
The contradictions among American officials sharpen the point rather than undermine it. Whitaker’s flat denial that Ukraine would ever build PAC-3s, arriving days after Zelensky announced the license, is not really about Ukraine’s trustworthiness. A Republican congressional official close to the process gave the more candid version: the manufacturers are less worried about Ukraine leaking American technology to Moscow than about Ukraine improving on it and producing it “at scale, faster and for much less money.” That fear has a track record behind it. Fire Point’s Flamingo cruise missile, built in Ukraine during the war, reportedly costs around $600,000 — roughly a sixth of a Tomahawk and a fraction of a $2 million PAC-3 ACE round — while Ukraine’s home-grown Freyja interceptor is priced at roughly a fifth of the Patriot missile it is meant to substitute for. A country that has spent three years learning to manufacture air defense under fire, at a fraction of Western unit costs, is not the industrial partner a legacy prime wants loose inside its own supply chain. The reluctance is commercial before it is strategic.
The strongest objection to this reading is that Kyiv already produces a large share of its own weapons, so extending that into Patriots is a natural next step rather than a crisis signal. Zelensky puts the domestically produced share of Ukraine’s frontline weapons at close to 60 percent, up from roughly 40 percent a year earlier — drones, the Bohdana howitzer, the Neptune and Flamingo missiles. That is true, and it matters. But those are systems Ukraine designed and built from scratch under wartime pressure, with no legacy export-control regime standing in the way. Patriot is different: it is Washington’s most sensitive interceptor program, run by companies that have spent decades keeping production onshore for precisely the security reasons Whitaker cited. Handing over any piece of it, even nominally, to a country under active bombardment breaks with everything the export-control system was built to prevent. That the United States is doing it anyway — however slowly, however contested internally — says less about confidence in Ukraine than about how thin the interceptor pipeline has become.
Three ways this goes
What happens next depends on which of the deal’s obstacles proves harder to move: engineering or politics.
Base case (our estimate: roughly 55 percent probability). The license survives, but production stays offshore. Germany’s existing PAC-2 line absorbs the first Ukrainian-linked output sometime in 2027; Lockheed and Raytheon leave the seeker and motor bottlenecks unresolved; and Zelensky’s own target of “production capability by the end of 2026” slips the way most Patriot-related deadlines have slipped since 2022. The deal functions mainly as a signal — to Moscow, to Congress, to the manufacturers themselves — that the West is willing to widen its supplier base, without actually widening it before the war’s most dangerous phase has passed.
Downside case. Export-control friction, not battlefield risk, kills momentum outright. Boeing declines to license seeker technology, Congress balks at formally notifying an ITAR transfer into an active conflict zone, and the agreement quietly becomes what several earlier Patriot-adjacent announcements already have: a signed memorandum with no factory behind it. Unable to close its ballistic-missile gap through licensed production, Ukraine leans harder into Flamingo and Freyja — cheap and available, but not full substitutes for hit-to-kill interception. Iskander and Kinzhal strikes on Ukrainian cities continue at close to current tempo through 2027.
Upside case. Ukraine’s wartime manufacturing culture forces the restructuring the primes have been resisting. Facing a credible cheaper competitor, Lockheed and Raytheon accelerate second-sourcing of seekers and motors — the actual chokepoints — to defend market share rather than out of goodwill toward Kyiv. Patriot output rises for every operator, not only Ukraine, and Kyiv becomes the proving ground for a lower-cost interceptor variant that outlives the war. This is the scenario in which an admission of scarcity turns into a fix for it — plausible, but it requires the manufacturers to treat competition, not politics, as the threat that finally moves them.
The takeaway
So: is licensing Patriot production to a country under bombardment an admission? Yes — but not the one the announcements were built to convey. It does not say Ukraine’s industrial base has arrived. It says the American one has not kept pace with a war of attrition it did not plan for, and that Washington is now willing to test its most sensitive export controls against the same scarcity that has Israel, Taiwan and its own Army competing for the same missiles.
Watch for: whether groundbreaking on a German or Polish production line actually begins before the end of 2026 — Zelensky’s own deadline for “technical capability.” If it hasn’t started by then, treat every subsequent announcement as the political theatre this one increasingly resembles: a scarcity confession dressed up as an industrial handshake.