Revolut, which has a customer base of more than 15 million, announced on Thursday the expansion of its specialized banking operations in ten more European countries, which are Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia.
Established in the United Kingdom as a challenger bank, the fintech company received a Lithuanian specialized banking license last September, with which it can offer limited banking services to its European clients.
The recent extension followed the launch of similar services earlier in Lithuania and Poland.
The company detailed that its customers in the supported European countries can upgrade to Revolut Bank to receive additional services within the mobile app. The banking license will offer additional protection to users’ funds under the deposit guarantee scheme.
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Apart from the services within the app, the specialized banking license allows the company to offer financial products under other group companies.
“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,” Revolut Bank CEO, Virgilijus Mirkės, said in a statement.
Banking Is the Next Step
Founded in 2015, Revolut established itself in the United Kingdom before expanding services to Europe and outside the continent. The fintech is still operating with an e-money institution license on its home turf but applied for a banking license earlier this year.
Being one of the most valued European fintech startups, Revolut is aggressively expanding into its reach in international markets. Outside the UK and the EEA, it is operational in Australia, Canada, Singapore, Switzerland, Japan and the United States, where it is seeking a banking charter.