Revolut Expands as a Bank
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Europe’s most valuable fintech has already amassed 18 million app users worldwide. Some of those are about to become bank customers.
The London-headquartered neobank is launching as a bank in ten additional European markets, lifting the number of countries it operates in to 28, it said in a statement. The challenger bank can now protect client deposits up to 100,000 euros in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, and Sweden, using its European specialized banking license.
In a few clicks clients from these countries will be able to upgrade to Revolut Bank from within the app, it said.
Deposits will be secured by the Lithuanian State company deposit and investment insurance, it added.
Over the past few years, Revolut’s rapid level of growth has added pressure on Swiss banks to boost their digital services. Since its inception in 2015 the company has attracted more than 18 million customers globally, it says on its website.
Questions & Answers
Q.Which specific European countries will now have their Revolut deposits protected?
Which specific European countries will now have their Revolut deposits protected?
Client deposits up to 100,000 euros will be protected in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, and Sweden, using its European specialized banking license.
Q.How will Revolut protect client deposits in these new markets?
How will Revolut protect client deposits in these new markets?
Deposits will be protected up to 100,000 euros using Revolut's European specialized banking license. The Lithuanian State company deposit and investment insurance will secure these funds.
Q.How many countries does Revolut now operate in following this expansion?
How many countries does Revolut now operate in following this expansion?
Revolut is expanding into ten additional European markets, which will increase the total number of countries it operates in to 28. This move builds on its existing global presence.
Q.How quickly can existing users in the new banking markets upgrade to Revolut Bank?
How quickly can existing users in the new banking markets upgrade to Revolut Bank?
Clients in these countries will be able to upgrade to Revolut Bank from within the app in just a few clicks. This allows them to access the new banking services efficiently.
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