Revolut Expands Its Digital-Only Banking To 10 More European Countries

Banking industry upstart Revolut Bank said Thursday (March 4) that it has rolled its services out to 10 more European countries. The London-based company said customers in those countries can now benefit from its “European specialised banking license” that includes “a deposit-guarantee scheme,” Revolut said in a press release emailed to PYMNTS.

Revolut, which offers a financial platform, now has 15 million customers. Last year, Revolut launched in Poland and Lithuania, “and started offering highly competitive credit products in both countries,” per the release.

The FinTech’s 10 new European markets are Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia.

“The specialised bank licence allows Revolut Bank to provide limited banking services via the Revolut app along with an array of financial services and products offered by other Revolut Group companies,” the release said.

The bank said that customers in its 10 new European countries “are now able to upgrade to Revolut Bank for additional services from within the app. The upgrade process will only take customers a few minutes,” per the release.

“Revolut is now the fastest growing [FinTech] in Europe because we put the customer at the heart of everything that we do,” said Revolut Bank CEO Virgilijus Mirkės. “We have no hidden fees, and we are constantly building new and innovative financial products.”

So far, Revolut Group has raised almost $1 billion in investment, which has put the company’s valuation at $5.5 billion.

The move comes as digital-only banking is getting a wider embrace. For Revolut, the pandemic started out as a tough time for its business. But then things picked up.

In December,  Nik Storonsky, Revolut’s co-founder, said the firm saw a 40 percent dip in revenues as the coronavirus hit in early 2020. But the FinTech is “now actually 50 percent ahead in terms of revenues compared to pre-COVID levels,” Storonsky said at the time.

Profitability is elusive for the company. In a reporting statement last August, the company said its 2019 revenues stood at 162.7 million pounds, but losses were 106.5 million pounds.