The boss of Swissquote's digital banking app Yuh took aim at foreign rivals such as Revolut, arguing they compete unfairly in Switzerland by avoiding the licensing costs that local banks have to carry.

He made the comments while laying out a plan to more than double Yuh's customer base without hiring anyone new.

Jan De Schepper, who runs Yuh and also serves as Swissquote's chief sales and marketing officer, said the app wants to reach 1 million users by leaning on automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term rather than headcount.

He spoke to Swiss newspaper Finanz und Wirtschaft as Yuh marked its fifth year.

A Push to 1 Million Users Without New Staff

Yuh now counts about 425,000 customers, De Schepper said, up from the roughly 342,000 accounts the company reported in mid-2025. He said close to 20% of them open the app daily, a rate he described as high by global standards.

To hit 1 million without growing the team, De Schepper is betting on Yuh's chatbot, Yuhlia, which he wants handling 90% of customer queries. The app turned its first annual profit in 2024, earning CHF 1.7 million, after account numbers jumped 48% that year.

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He sketched a path through roughly half a million users this year and 750,000 by 2028, with the timing of the 1 million mark tied to overseas expansion. "Fee increases are not the way, we're betting on scale," he said.

Taking Aim at Revolut's Swiss Advance

Revolut leads the Swiss neobank market with a 53% share and 1.2 million users, according to figures cited in the interview. The British fintech has pushed aggressively across Europe, recently passing 6 million customers in Spain, and now offers everything from savings to CFD trading.

De Schepper conceded a player of that size is hard to catch on raw numbers, but argued the contest should be measured differently.

He said Yuh earns more than CHF 200 in revenue per active customer a year and holds average balances near CHF 10,000, which he claimed beats the industry norm. Revolut, he said, is often used only as a holiday account for small sums.

His sharper complaint was about the rules. "What Revolut and co. do borders on unfair competition," De Schepper said, noting that Yuh answers to FINMA and pays for that oversight while unlicensed rivals avoid those costs. He called it unacceptable that such firms can market so aggressively to Swiss customers.

De Schepper is not the only European fintech boss with strong views on Revolut. XTB chief executive Omar Arnaout took a very different tack at the Invest Cuffs conference in Warsaw in December, where he said he "hates" the British app even while praising it.

"I hate them because they've grown so much, but they're just excellent," Arnaout said, adding that he uses Revolut himself and that his team studies its product moves daily.

Where De Schepper paints Revolut as a regulatory problem, Arnaout treats it as the benchmark to beat.

A Crowded Field Forces Swiss Neobanks to Pick Sides

De Schepper's pitch lands in a market where pure retail banking apps are struggling to pay their way. He pointed to Swiss rivals Kaspar& and Yapeal, both of which have shifted toward business-to-business work, and said the home market simply does not have room for everyone.

The pressure is not unique to Switzerland. Berlin-based Trade Republic, Europe's largest neobroker, doubled its user base to 8 million over the past year and has pushed from cheap stock trading into current accounts, bond ETFs and, since November 2025, private market funds run with Apollo and EQT. It was last valued at €12.5 billion in a December secondary deal.

That land grab is reshaping how the industry sorts itself. Some brokers chase scale through low fees, others bundle banking, saving and investing into a single "super app," a split rival executives have called the defining contest in retail finance.

De Schepper's answer is to lean on Swissquote, pointing Yuh at price-sensitive retail users while the parent keeps wealthier clients, a two-brand setup he likened to a telecom running budget and premium labels side by side.

New Revenue Lines Beyond the Free Account

With fee hikes off the table, De Schepper said Yuh makes money on the side, through card interchange, currency exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and transactions, plus interest it earns when customers hold euro or dollar balances at better rates than the franc.

He outlined plans for subscription tiers aimed at frequent travelers, active investors and families, a model Revolut has used to lift revenue, plus a fourth product pillar called "Protect" that would sell travel, cyber and liability cover with an insurance partner. Lombard loans, backed by a customer's portfolio, are also under review.

The harder task is turning second accounts into primary ones. De Schepper said more than 20,000 customers already route their salaries to Yuh, worth monthly inflows of CHF 150 million to CHF 200 million, and that cheaper pricing on services like Twint and Switzerland's pillar 3a pension accounts is meant to pull more everyday banking onto the app.

A CHF 180 Million Valuation and a Goodwill Question

Yuh's economics still draw scrutiny. Figures cited in the interview put Swissquote's group margin at 51.4% against Yuh's 1.9%, a gap De Schepper attributed to a deliberate choice to chase growth over early profit.

The app's balance sheet carries CHF 95.4 million in goodwill against net assets of about CHF 71 million, raising the prospect of a writedown. De Schepper said none is needed as long as Yuh hits its business plan.

He noted that Swissquote's buyout of PostFinance's 50% stake earlier this year set a concrete value on the app for the first time, at CHF 180 million, or about $224 million, covering its customer base, brand and intellectual property.

Succession Talk at the Swissquote Parent

De Schepper's dual role has fueled speculation he could one day succeed Swissquote co-founder and chief executive Marc Bürki. Asked about it, he said the decision rests with the board and praised Bürki's record, adding he hopes the CEO stays on for a long time.

Swissquote has been reshuffling its top ranks, recently naming former PostFinance chief Hans-Rudolf Köng as its proposed next chairman. The group also expects 2025 revenue and pre-tax profit to top guidance, with revenue of at least CHF 720 million.

For now, De Schepper said his focus is on Yuh and on carrying the two-brand strategy abroad, using a Luxembourg license that lets the app passport into the European Union.

He said Yuh would start with one or two neighboring countries.