Having recently secured its specialised banking license, the British FinTech comprising 30,000 Luxembourg-based clients makes a big move by securing bank status in 10 new European countries. Guaranteeing deposit protection of up to 100,000 euros, this new status bodes well for the FinTech’s future.
Revolut, one Europe’s fastest growing FinTechs the UK’s most valuable FinTech has just all but guaranteed its continued growth.
Having just secured its specialised banking license – taking advantage of its Lithuanian base – the FinTech has succeeded in launching as a bank in 10 new European countries, including Luxembourg.
Already available as a bank in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia since March of last year, it is now also available as a bank in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Netherlands, Spain, Sweden, and, of course, Luxembourg.
“Launching the bank in ten new European markets will provide an even greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the near future,” says Joe Heneghan, CEO, Revolut Bank.
“Thanks to the Revolut app, customers can see exactly how much they spend each month in different categories.”
All About Deposits
Previously restricted to functioning as little more than a wallet, Revolut’s new status guarantees its 30,000 Luxembourgish users deposit protection of up to 100,000 euros.
This move did not come out of nowhere. A recent survey conducted by Revolut found that nearly half of the respondents would deposit their salary on Revolut and 54% would spend more via the app if these were insured, as stated in their press release.
Known for its customer-centric approach and intuitive product design, Revolut also has a neat spending overview, budgeting features and more.
“Thanks to the Revolut app, customers can see exactly how much they spend each month in different categories, such as dining or transportation, set monthly budgets for those categories and manage their expenses, subscriptions, send and request money from friends instantly, round up their card payments and save their loose change,” says the press release.
Revolut customers can also spend and transfer money worldwide with no hidden fees, hold and exchange 29 currencies in the app, and send money to friends and family instantly across the globe.
With the newly acquired bank status in 10 countries, a whole range of fancy features and classic credit cards on the horizon, Revolut is set to make 2022 a year to remember.
Revolut Bank just landed in 10 new European countries. Get your money protected by a deposit guarantee scheme and have exclusive access to our latest products as they drop. Head to your app to join the bank! 🏦 #RevolutBank pic.twitter.com/KW5nDlMa2C
— Revolut (@RevolutApp) January 11, 2022