European customers can switch to Revolut Bank

Revolut Bank, a subsidiary of global financial super app Revolut, has announced the launch of its digital banking services in 10 markets across Western Europe, which, in addition to the 13 countries where it launched last year, renders its services currently available in 28 countries across the Region.

Read more: Revolut expands digital-only banking services to 10 more European countries

With this launch, customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, the Netherlands, Spain and Sweden can now switch to Revolut Bank from the app and get protected their deposits up to 100,000 euros (about $114,500) under the deposit guarantee scheme.

“Launching the bank in ten new European markets will provide an even higher level of security and confidence for our customers and allow us to launch a host of new products and services in the near future,” said the CEO of Revolut Bank. , Joe Heneghan, in a statement. .

Read more: Revolut Bank obtains full European banking license despite criticism of unfair competition

This news follows a recent statement by the Bank of Lithuania (LB) announcing that the subsidiary has obtained a full banking license from the European Central Bank (ECB), allowing it to complement its current activities with consumer credit and banking. payment. services, including direct debit, cash withdrawal and money transfer.

This European Union license did not extend to its home territory of the United Kingdom, where the company operates under an electronic money institution license and has not yet become a full-fledged bank. But that is likely to change soon as the company’s UK banking license application is expected to be approved later this year.

With more than 18 million customers worldwide, Revolut’s $33 billion makes it one of the most valuable private tech companies in the UK – and more broadly in Europe. Currently processing more than 150 million transactions per month, the London-based FinTech unicorn began as a money transfer service in 2015 before expanding its services to include digital banking, stock trading and cryptocurrency. cash.

See also: Revolut’s $33 billion valuation reflects promise of open banking

Related News: Revolut expands digital banking services in the US

Beyond its aggressive expansion in Europe, the British FinTech company launched its neobank in the United States where it has more than 300,000 customers, a move that company co-founder and CEO Nik Storonsky said was integral of his journey to “build the first great financial app.

Learn more: American dreams dashed but UK and European neobanks brimming with potential in 2022

And the extension of its activities across the Atlantic makes Revolut one of the few European neobanks still pursuing its American dreams.

British rival Monzo withdrew its application for a US banking license in October last year, and this month Germany’s N26 announced it would close its US operations from January 11, 2022, less than two years away. and a half after its launch in the country and has attracted half a million customers.

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