Revolut Expands as a Bank

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.