European customers can switch to Revolut Bank

Revolut Bank, a subsidiary of the global financial super app Revolut, has announced the launch of its digital banking services in 10 Western European markets, which, in addition to the 13 countries where it was 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 view their deposits up to 100,000 euros (approximately $ 114,500) protected by the deposit guarantee scheme.

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

Read more: Revolut Bank Gets Full European Banking License Amid Criticism of Unfair Competition

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

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

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

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

Related news: Revolut Expands Digital Banking Services to the United States

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

Learn more: America’s dreams are dashed, but British and European neobanks are bursting with potential in 2022

And the expansion of its activities across the Atlantic makes Revolut one of the few European neobanks still in pursuit of its American dreams.

Britain’s 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 on January 11, 2022, less than two and a half years after its launch in the country and has attracted half a million customers.

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Shawanda H. Saldana