Revolut, one of London’s lending Fintech businesses, is living up to its reputation as a disruptor once again as it formally moves into the banking space.
What has Revolut done?
Revolut has launched as a bank in no less than 10 western European markets the firms banking services will be available to clients and would-be customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden.
The addition of those jurisdictions means that Revolut Bank is now available in 28 countries.
Revolut’s banking licence was granted in Lithuania and account holders will enjoy deposit protection of upto €100,000 from the Lithuanian State company Deposit and Investment Insurance scheme.
How can you open a Revolut Bank account?
Existing Revolut customers just need to upgrade their existing account with the firm, a process that should take just a few minutes.
Whilst those customers who are new to Revolut simply need to complete their online registration and application process.
What Services does Revolut Bank offer?
Revolut’s open banking system has been designed with the future in mind and allows you to connect other non-Revolut bank accounts to its app so that you can monitor all of your accounts in one place.
Revolut’s app also provides built-in analytics that track and analyse your spending patterns and behaviours. You can set budgets and goals and be alerted if you are reaching your limits and receive weekly breakdowns and insights on your spending habits.
How big is Revolut?
Revolut has grown rapidly since it launched in the UK in 2015 as a payments and money transfer app and it now has 18 million retail customers and 500,000 business accounts, across 35 countries.
The business processes more than 150 million transactions per month and last year it raised $800 million in a Series E funding round, led by the likes of Softbank’s Vision Fund 2 and Tiger Global.
That round valued the business $33.0 billion, a figure that’s just as smidgen below the current market cap of Barclays Bank.
Speaking about the expansion into western Europe Joe Heneghan, Chief Executive Officer of Revolut Bank said that:
“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”
Revolut is not thought to have any immediate plans for an IPO, but at some point, in the future, the company and its VC backers will undoubtedly look to monetize the business.