Revolut Bank Expansion: Now Available in 10 More Countries
Revolut's Banking Expansion Across Europe
Revolut, a leading fintech startup, has held a European Union banking license since the end of 2018. This license enables the firm to provide a wider range of financial services independently, without reliance on external partnerships.
The company is now poised to extend Revolut Bank services to customers in ten additional countries. This expansion is facilitated by a specialized banking license granted by the Bank of Lithuania.
Current Banking Operations
Currently, Revolut leverages its banking license in Poland and Lithuania. The Lithuanian license, while not a comprehensive banking license, allows for specific financial activities.
In Lithuania, for example, customers are eligible to apply for credit cards with limits reaching twice their monthly income, capped at €6,000. Personal loans ranging from €1,000 to €15,000 are also available, with repayment terms spanning one to 60 months.
Expansion to New Markets
The ten countries set to gain access to Revolut Bank are Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia. Transitioning existing accounts to Revolut Bank will involve a multi-step process.
Deposit Protection
Once the transition is complete, customer deposits will be safeguarded by the deposit guarantee scheme. This scheme provides protection of up to €100,000, covering both euro and foreign currency holdings, should Revolut Bank encounter financial difficulties.
Future Products and Growth
The introduction of new credit products is anticipated in these ten new markets. Revolut currently serves a substantial customer base of 15 million users. Furthermore, the company has initiated the process of applying for a banking license in the United Kingdom, its primary market and country of origin.
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