Revolut Rolls Out Banking Services in 10 More European Countries

Wednesday, 12/01/2022 | 08:35 GMT by Arnab Shome
  • The startup now offers banking services in 28 EEA jurisdictions.
  • It is a Lithuania-licensed bank.
Revolut-app

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.

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.

About the Author: Arnab Shome
Arnab Shome
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Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.

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