8.6 C
New York
Monday, July 4, 2022
Home Challanger banks Revolut has announced launch of Revolut Bank in 10 additional countries

Revolut has announced launch of Revolut Bank in 10 additional countries

Revolut bank now provides services for European countries including Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia.

Revolut got its own banking license in the European Union in 2018.  At this point, Revolut has more than 15 million customers, with more than 100 million transactions registered per month.

Read also: Starling Bank aims to hold 18% of the SME market

Revolut has also submitted an application for a banking license to the U.K. Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in January.

The challenger bank wants more clients to deposit their salaries and switch over to Revolut as their main bank account provider.

In Lithuania where Revolut offers banking services, the customer may apply for credit with a limit that’s twice the value of monthly salary income (up to €6,000).

The company also offers personal loans between €1,000 and €15,000.

“Revolut is now the fastest-growing fintech company in Europe because we put the customer at the heart of everything that we do. Our product design is second to none, we have no hidden fees, and we are constantly building new and innovative financial products”, said Virgilijus Mirkės, Chief Executive Officer of Revolut Bank.

“Launching the bank in ten new European markets will provide a 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”, he added.

With regards to secured deposits, Revolut Bank’s customers are also be covered by the Financial Services Compensation Scheme (FSCS), which provides government protection on deposits of up to £85,000 ($114,700).

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Starling Bank launched Fantasy Football game for the UEFA Women’s EURO of women’s football

Starling Bank is the national banking partner of Uefa Women’s Euro 2022 and now it is leveraging its financial heft to boost engagement by launching the first Fantasy Football game not designed for a men’s tournament.

Revolut has joined the buy now pay later market

Revolut is piloting a new 'buy now, pay later' service in Ireland beginning this week.

Klarna in conflict with Barclays over ‘Irresponsible’ Buy-Now-Pay-Later research

Klarna’s UK executive Alex Marsh has hit out at Barclays for publishing what he called “mind-boggling” and “irresponsible”.

Starling Bank has hit 3m account milestone

Starling Bank has passed the three million current account milestone, which “includes more than 460,000 small business accounts,” according to a recent update.