Revolut has launched as a bank in 10 select Western European countries in order to offer customers in these regions deposit protection.
The company will become a bank in Belgium, Denmark, Germany, Netherlands, Iceland, Finland, Sweden, Spain, Luxembourg and Lichtenstein. In addition to these countries, customers in Bulgaria, Cyprus, Croatia, Greece, Estonia, Malta, Latvia, Romania, Slovenia and Slovakia have been able to upgrade since March 2021.
Through this upgrade, customers of Revolut in these markets are now able to upgrade to the bank from within the Revolut app in order to secure deposit protection up to €100,000 guaranteed by the Lithuanian State company Deposit and Investment Insurance.
According to Revolut, the arrival of bank status could cause big changes in how customers use its service. The company noted that a survey carried out at the end of 2020 found that almost 50% of respondents would deposit their salary on Revolut and 54% would spend more via the app if they had their deposits insured.
Revolut Bank CEO Joe Heneghan said, “Launching the bank in ten new European markets will provide an even 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.”
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