Revolut launches Revolut Bank in 10 additional countries

Friday 5 March 2021 14:55 CET | News

Fintech startup Revolut has found 10 more countries where it can take advantage of its banking licence which allows it to operate in the European Union since late 2018, according to TechCrunch

The licence lets the company offer some additional financial services without partnering with third-party companies. The Bank of Lithuania has granted a specialised licence — it isn’t a full-fledged licence per se, as it focuses on some activities. The company is taking advantage of European passporting rules to operate in other European countries. Right now, Revolut takes advantage of its banking license in two countries — Poland and Lithuania.

In Lithuania for instance, you can apply for a credit card with a credit limit that’s twice the value of your monthly salary (up to EUR 6,000). The company also offers personal loans between EUR 1,000 and EUR 15,000. You can pay back over one to 60 months.

Now, customers in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia will be able to become Revolut Bank customers. It’s not a transparent process, as you need to get through a few steps to carry your account over. But once this process is done, your deposits are protected under the deposit guarantee scheme. If Revolut Bank shutters at some point down the road, customers can claim up to EUR 100,000 thanks to the scheme — both euros and foreign currencies are protected.

More: Link

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Keywords: fintech, online banking, banking licence
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Europe
This article is part of category

Banking & Fintech