Revolut launches as a bank in 10 Western European markets
Revolut, the global financial super-app with more than 18 million customers worldwide, has operationalised its Lithuania-based European specialised banking licence in 10 European markets. Customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, Sweden who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme. Deposit protection up to EUR 100,000 is guaranteed by the Lithuanian State company Deposit and Investment Insurance. Customers in aforementioned countries are now able to upgrade to Revolut Bank from within the app. The upgrade process will only take customers a mere few minutes.
The launch of Revolut Bank is another example of the fintech’s constant effort to meet and support the needs of their customers. According to a survey carried out by Revolut at the end of 2020, on average, almost 50% of respondents indicated that they would deposit their salary on Revolut and 54% would spend more via the app if they had their deposits insured.
“Launching the bank in ten new European markets will provide an even greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the near future”, said Joe Heneghan, Chief Executive Officer of Revolut Bank.
In just six years, Revolut has attracted more than 18 million customers around the world. In 2020 Revolut launched its bank in Poland and Lithuania, started offering highly competitive credit products in both countries and continued expansion in the EU. After entering 10 new markets today, Revolut Bank now operates in 28 EU markets. The specialised bank licence allows Revolut Bank to provide limited banking services via the Revolut app along with an array of financial services and products offered by other Revolut Group companies.
Using Revolut app, customers can see exactly how much they are spending each month on things like restaurants and groceries, can set monthly spending budgets for these categories and manage fees for subscription services, send and request money from friends and receive it instantly, and round-up their card payments and build-up their spare change. Revolut customers can also spend and transfer money globally with no hidden fees, hold and exchange more than 30 currencies in the app, and send money to friends and family instantly.
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