Digital banking Fintech Revolut has reportedly launched operations as a bank in 10 Western European nations, allowing it to provide its customers in these markets with deposit protection.
Revolut, which is a provider of a financial super-app with over 18 million customers across the globe, has taken advantage of its Lithuania-based European specialized banking license to operate as a banking institution in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, and Sweden.
Revolut’s clients in these European markets are now able to upgrade to the bank from within the Revolut app within a few minutes in order to secure deposit protection of up to EUR100,000 guaranteed by the Lithuanian State company Deposit and Investment Insurance.
Clients in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia have reportedly been able to upgrade since March of 2021.
Revolut’s management noted that the arrival of bank status may lead to significant changes to how clients access and use its service. A survey conducted at the end of 2020 revealed that, on average, nearly half or 50% of the respondents said that they would deposit their salary on Revolut and 54% claimed they’d spend more through the app if their deposits were insured.
Joe Heneghan, CEO at Revolut Bank, stated:
“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.”
As covered recently, Revolut has reportedly acquired approval from the Monetary Authority of Singapore (MAS) to provide clients with gold and silver exposure via the firm’s Fintech app.
Revolut‘s management noted that they aim to introduce the service to their Singapore clients this year. After it becomes available, clients can buy and sell exposure to gold and silver, based on the latest market performance data. Exposures are reportedly backed by real, physical gold and silver.
In addition to being able to transfer exposure to other Revolut customers, users may round up their spare change and save it as gold or silver. The Fintech firm also clarified that there are no account minimums to begin investing. Clients may start from as low as just US$1.