Revolut continues to make its mark on the Western European market. The company is now an official bank in 10 countries. Customers in these markets will benefit from the company’s deposit protection.
Revolut Expands Its Footprint
Revolut is one of the many players trying to enhance and disrupt traditional banking. One way of doing so is by becoming an official bank in various countries. Doing so makes the financial super-app stand out among traditional institutions and other fintech startups. Revolut has over 18 million customers worldwide, a number that will likely increase over the coming months.
With the help of the Lithuanian specialized banking license, Revolut can now provide deposit protection to users in Belgium, Denmark, Finland, Germany, Iceland, Liechtenstein, Luxembourg, The Netherlands, Spain, and Sweden. All users have to do is upgrade to the bank-grade service through Revolut’s application. In addition, deposit protection is offered up to EUR100,000 guaranteed by the Lithuanian State company Deposit and Investment Insurance.
The rollout across more European countries was expected. In early 2021, a similar service rolled out across Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia. With most of Southern, Eastern, and Western Europe covered, Revolut expands its presence in the financial sector. More importantly, acquiring the bank “status” is beneficial to all users.
In a 2020 survey, nearly 50% of users confirmed they would deposit their paychecks on Revolut. Additionally, over half of the users hinted at spending more funds through Revolut if deposit protection came into the picture.