Revolut Launches Banking Services in Spain Featuring Deposit Insurance

Revolut, a number one fintech platform and neobank, has acquired a particular banking license to function in Spain. User deposits at the moment are insured as much as €100K, with the protection being offered by Deposit and Investment Insurance, a Lithuanian state firm. The firm, which now has over 800,000 clients in Spain, expects to develop its userbase with this new growth.

Revolut Customers in Spain Can Upgrade to Revolut Bank

Revolut, one of many greatest fintech neobanks in Europe, has received a particular banking license in Spain, and may now provide deposit insurance coverage to its clients. The safety of the deposited property will probably be offered by a Lithuanian state firm referred to as Deposit and Investment Insurance, and it’ll cowl quantities of as much as €100K (about $115,000). To obtain this safety over their property, clients must improve their Revolut accounts to Revolut Bank accounts.

The technique goals to maintain Revolut rising in Spain after a ballot made final yr indicated that greater than 80% of customers would deposit extra funds within the service in the event that they have been insured. In the identical means, 60% indicated they’d use Revolut to settle funds if the platform offered choices for insurance coverage.

European Expansion

Revolut, which has its origins within the U.Okay., has skilled important development in Europe, having now over 18 million clients. The platform, which is usually used all over the world to make remittances and funds, arrived within the U.S. final yr.

Spain shouldn’t be the primary nation the place Revolut has utilized for a banking license. It already gives these protections to clients in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, and Sweden, the place it has managed to additionally provide credit score merchandise to its customers. Regarding the provide of insurance coverage to its clients, Joe Heneghan, CEO for Revolut Bank, said:

The launch of the financial institution in Spain will present the next degree of safety and confidence to our clients, and can permit us to launch extra services and products sooner or later.

Revolut has additionally supplied cryptocurrency purchases from the app since 2017, merging fintech and crypto in a single platform. One of its direct opponents within the area, N26, is barely recently asserting the introduction of cryptocurrency buying and selling, lamenting its delay in providing these companies to clients.

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