This means the London-based digital bank is now offering deposit protection of up to € 100,000 to local customers in the particular markets.
Revolut now has about 18 million customers and is using a special banking license based in Lithuania.
Revolut Bank option has just been launched in more European countries: Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, the Netherlands, Spain and Sweden.
Customers in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia have been able to switch to Revolut Bank since March last year. Revolut Bank arrived in Hungary last October.
“Revolut is one of the fastest-growing fintech companies in Europe because we put the customer at the heart of everything that we do.”, said Joe Heneghan, Chief Executive Officer of Revolut Bank.
“Our product design is second to none, we have no hidden fees, and we are constantly building new and innovative financial products”, he added.
Revolut says banking status could lead to big changes in customer decisions – a survey in late 2020 found that an average of almost 50 percent of respondents indicated that they would transfer their salary to Revolut and 54 percent would spend more through the app if their deposit were secured.
“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,” claims Joe Heneghan.
At the end of September, Revolut Bank’s retail deposit portfolio reached 395 million euros, but the number of issued loans was less than 12 million euros, the Bank of Lithuania informs. Revolut would like to change this.