Switzerland’s Fastest Growing Neobank
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A neobank that doesn’t exist in Switzerland is its fastest-growing and has the most clients.
Revolut is Switzerland’s fastest growing Neobank among the eight actors in the country, the results of a survey, revealed Friday.
Moreover, the bank has the most clients in the country which is amazing for a neobank that doesn’t actually exist in Switzerland, the report said.
While leading in the growth and customer base rankings, Revolut was ranked fourth by MoneyToday readers behind Yuh, Neon and FlowBank.
Neobanks are fintechs providing mostly digital online banking services without holding a banking license themselves. In order to operate, they need to partner with a bank that has does; in Revolut’s case, this is Credit Suisse.
Questions & Answers
Q.How can Revolut be Switzerland's fastest-growing neobank if it doesn't officially exist there?
How can Revolut be Switzerland's fastest-growing neobank if it doesn't officially exist there?
Revolut is identified as the fastest-growing and has the most clients among Switzerland's eight neobanks, according to a survey. This is remarkable because it does not hold a banking license within the country itself.
Q.Which other neobanks are operating in Switzerland, according to the survey?
Which other neobanks are operating in Switzerland, according to the survey?
The survey mentions a total of eight neobank actors in Switzerland. While Revolut leads in growth and customer base, MoneyToday readers ranked Yuh, Neon, and FlowBank ahead of it.
Q.What is the operational model for neobanks like Revolut that do not possess their own banking license?
What is the operational model for neobanks like Revolut that do not possess their own banking license?
Neobanks, being fintechs offering digital online banking services, typically partner with a licensed bank to operate legally. For Revolut in Switzerland, this essential partnership is with Credit Suisse.
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