Revolut, the global financial services company serving more than 80 million customers, has applied for a banking licence from Switzerland’s Financial Market Supervisory Authority (FINMA) as it looks to establish a fully regulated banking entity in the country.
The application is currently under review. Alongside the licence bid, Revolut has committed to investing more than CHF150m in Switzerland over the next five years, which it describes as one of the largest investments by a financial services company in the country’s sector in decades.
Revolut already has more than 1.3 million customers in Switzerland, where its services are currently provided through Revolut Bank UAB, its Lithuania-based banking subsidiary. The company operates a representative office in Switzerland but does not currently hold a Swiss banking licence.
If approved, the licence would allow Revolut to establish a locally regulated banking entity and introduce products including Swiss IBANs, salary accounts, eBill, merchant acquiring and deposit protection under Swiss standards.
The company is also considering future offerings including Pillar 3a and Twint, while plans for the Swiss operation include new appointments across its executive board and senior leadership team.
Revolut says the CHF150m investment will support product development and local job creation as it builds out the Swiss operation. If the licence is granted, existing Swiss customers would be transferred to the new entity through a process designed to meet local regulatory requirements, with Swiss IBANs available immediately and additional locally tailored products introduced over time.
Revolut chief commercial officer David Tirado said, “Today marks a pivotal moment for Revolut’s European strategy. By applying for a Swiss banking licence, we are taking an important step towards becoming a more deeply rooted part of one of the world’s most important and advanced financial markets.”
“Together with our existing banking licences and regulatory infrastructure across Europe, this would further strengthen our compliance, governance and regulatory framework. It would give us the right structure to be closer to our customers, regulators and talent across our key European markets, while continuing to grow responsibly,” he said.
Revolut general manager for Switzerland Julian Biegmann added, “Revolut is already Switzerland’s leading fintech. With our own banking licence, we would become a true Swiss bank, able to offer our more than 1.3 million customers our leading Revolut banking product with a Swiss finish. Clients would be able to receive their salaries to their Revolut account and manage all their finances – from spending, to investing, and beyond — with the product experience they already know and trust from Revolut.”
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