In order to function in Spain, Revolut, a renowned fintech company, and neobank was entitled to receive a banking license. Accounts are now protected up to €100,000, with Deposit and Investment Insurance, a Lithuanian governmental enterprise, providing the protection. With this new expansion, the firm, which today has over 800,000 subscribers in Spain, hopes to expand its client base.
Clients in Spain who use Revolut can switch to Revolut Bank.
Revolut, one of Europe’s largest fintech neobanks, has been granted a special business license in Spain, allowing it to provide investment protection to its users. Bank assets will be protected by a Lithuanian government corporation named Deposit and Investment Insurance, which will guarantee sums up to €100,000 (about $115,000).
Users must convert their Revolut wallets to Revolut Chequing accounts in order to enjoy this financial protection.
After research the year before revealed that more than 80% of customers would put more assets in Revolut if they were protected, the approach intends to keep the company expanding in Spain. Similarly, 60 percent said they would use Revolut to settle debts if the site offered insurance choices.
Expansion into Europe
Revolut, which began in the United Kingdom, has grown rapidly throughout Europe, with more than 18 million subscribers. The year before, the network, which is widely used throughout the globe for transfers and transactions, made its way to the United States.
Revolut has sought a banking license in many countries, including Spain. Clients in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, the Netherlands, and Sweden already have similar safeguards, and it has also succeeded to provide financing options to its consumers. Joe Heneghan, CEO of Revolut Bank, commented on the bank’s coverage offering to clients:
“By launching the bank in Spain, we will be able to give our consumers a better degree of security and trust, as well as expand our product and service offerings in the future.”
Starting in 2017, Revolut has allowed users to buy cryptocurrencies directly from their app, combining financial and cryptocurrencies into one marketplace. N26, one of its immediate rivals in the industry, has just lately announced the launch of bitcoin trading, bemoaning the fact that it has taken so long to provide these solutions to clients.
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