Revolut banks on banking, launches as a bank in ten EU countries

Revolut has officially launched as a bank in ten European countries, using its Lithuanian banking licence to do so.

As of today, Revolut now offers protected deposit accounts in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia.

To utilise the protected accounts, Revolut’s eligible customers just need to upgrade to Revolut Bank to gain access to a wider range of services the fintech now offers. 

Virgilijus Mirkės, Chief Executive Officer of Revolut Bank, said: “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.”

To date, Revolut has amassed over 15m customers worldwide in nearly 40 different markets.

The digital banking service processes more than 100m transactions a month, with customers able to send money globally and hold and exchange 31 currencies in the Revolut app.

While the fintech is busy launching fully-fledged bank accounts in countries across Europe, Revolut is still yet to do so here in the UK.

Earlier this year, Revolut finally submitted its application for a UK banking licence after operating as an e-money institution for nearly six years.

If the fintech’s application is successful, Revolut’s customers will finally have access to the Financial Services Compensation Scheme (FSCS), which will protect deposits held in Revolut accounts up to £85,000 per person.

Revolut was first granted a European banking licence from the Bank of Lithuania back in 2018 and launched its first bank accounts in the country in May of last year.