Revolut launches as a bank in 10 more European countries

Digital banking challenger Revolut is inviting more of its customers to upgrade to a full bank account, after rolling out its Lithuanian banking licence across ten more markets.

Customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden can now upgrade and add deposit protection of up to €100,000 to their accounts for free in just a few minutes.

It’s been just under a year since Revolut first launched as a bank in ten EU countries, with today’s addition taking the total to 28 countries where Revolut operates as a bank (full list below).

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.

“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, CEO of Revolut Bank.

Although Revolut is available across Europe, accounts opened in countries like Ireland and the UK are only offered as e-money accounts, meaning they don’t qualify for deposit protection.

Revolut has previously published figures that suggest 50 per cent of its customers would be willing to put their salary in Revolut if the account was covered by deposit protection.

Last year, Revolut finally submitted its application for a UK banking licence after operating as an e-money institution in the UK for nearly seven years now.

Countries where Revolut operates under its Lithuanian banking licence:

1st Wave - March 2021