Revolut has expanded its presence in continental Europe by launching banking services in three more countries, France, Italy and Portugal, the British fintech firm announced on Thursday.
The company will operate in the three countries with its Lithuanian banking license that it obtained in May 2020, under which it can offer services to European Economic Area members.
Commenting on the expansion, Revolut Bank’s Head of Operations, Adriana Restrepo, said: “We’re really excited to launch the Bank to our customers in France, Italy and Portugal, as they will benefit from deposit protection insurance in addition to all the amazing products and features we offer today. And this is just the beginning of our plans for Revolut Bank!”
International Expansions
The latest expansion came after the British fintech firm launched banking services in 10 other European countries earlier in March.
Meanwhile, Revolut is operating with an e-money institution license in the United Kingdom, which is its home turf. However, the challenger bank applied for a banking license in the country and is expected to obtain it in early 2022.
Additionally, the fintech company is expanding aggressively in markets outside of Europe and is pushing its services in major markets, like the United States, Japan and Singapore. The US turned out to be one of the primary focuses of the company outside Europe as it continues to expand its offerings. Earlier this year, it rolled out business account services in all 50 states in the US and launched commission-free stock trading services.
Moreover, Revolut raised $800 million in mid-2021 with a valuation of $33 billion, becoming one of the most valued fintech startups in Europe. But, the company is still bleeding money as its operating loss for 2020 dived down to £200.6 million, despite the significant revenue gains.
