VALT, a fully digital bank led by former US Bank executives, has received conditional approval for a national bank charter from the Office of the Comptroller of the Currency (OCC), with the approval granted on 13 March 2026, 120 days from the date of application submission.
Before opening, VALT must raise USD 25 million and is required to maintain a 9% tier one leverage ratio for its first three years of operation.
The bank is designed to serve small and midsize businesses (SMBs) with annual sales between USD 2 million and USD 10 million, with a specific focus on firms that already use technology extensively across their operations and expect comparable technological capability from their banking provider. VALT intends to consolidate banking, payments, and credit services within a single integrated platform.
Market positioning and regulatory context
VALT's proposed CEO, Matt Gediman, described the target segment as currently dominated by large national banks operating on decades-old technology that offers disconnected digital tools rather than a cohesive digital experience. While fintechs have captured some share in the SMB market, Gediman noted they are constrained by the absence of a bank balance sheet. VALT positions itself as a distinct category, a fully digital business bank, rather than a fintech.
The conditional approval follows a pattern of renewed interest in new bank formations under the current OCC leadership. Gediman noted that both the OCC Comptroller and the FDIC Chair have made new bank formations and financial innovation a priority, contributing to a more receptive regulatory environment. VALT received a conditional depository charter, the same category as Erebor Bank, which received its full charter in February 2026.
In addition to VALT, several other companies have either applied or received approval from the OCC in the past months. At the beginning of March, Upstart announced plans to apply for a national bank charter with both the OCC and the FDIC to establish Upstart Bank. Shortly after, UBS received its final approval to convert UBS Bank USA into a nationally chartered bank, finalising a licensing process started in October 2025.
