Revolut announced on Tuesday that it has expanded its banking services to 10 more European countries, which will offer deposit protection of up to €100,000 to customers.
The newly added countries are Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden. The UK-headquartered bank is offering banking services with its license from the Lithuanian regulator that was obtained in May 2020.
With the latest addition, Revolut is now offering banking services in almost all the European Economic Areas (EEA), only with the exception of Ireland, Liechtenstein and Norway.
“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,” said Joe Heneghan, the Chief Executive Officer of Revolut Bank.
According to the challenger bank, it is offering hassle-free migration to banking accounts in the supported countries.
Banking Is the Future
However, in its home country, the United Kingdom, Revolut is still operating as a challenger bank, offering e-money accounts. In addition, it has applied for a British banking license and is expecting to receive it in early 2022.
Revolut is named among the most valued global fintech startups and has gained 18 million customers in six years of operations. Moreover, the platform is expanding its presence outside Europe and has already entered major markets like the United States, Japan and Singapore.
But, the company is bleeding money to gain customers and expand territory. Its operating loss was at £200.6 million in 2020 despite a significant gain in revenue. Meanwhile, the startup raised another $800 million last July with a valuation of $33 billion.
