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January 17, 2022
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Revolut Launches Banking Services in Spain Featuring Deposit Insurance – Fintech Bitcoin News

Revolut, a number one fintech platform and neobank, has obtained a particular banking license to function in Spain. User deposits at the moment are insured as much as €100K, with the protection being supplied 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 might be supplied by a Lithuanian state firm known 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 should 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 in the service in the event that they have been insured. In the identical method, 60% indicated they might use Revolut to settle funds if the platform introduced choices for insurance coverage.

European Expansion

Revolut, which has its origins in the U.Okay., has skilled important progress in Europe, having now over 18 million clients. The platform, which is often used around the globe to make remittances and funds, arrived in the U.S. final yr.

Spain will not 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, acknowledged:

The launch of the financial institution in Spain will present a better stage of safety and confidence to our clients, and can permit us to launch extra services and products in the longer term.

Revolut has additionally provided cryptocurrency purchases from the app since 2017, merging fintech and crypto in one platform. One of its direct opponents in the sector, N26, is simply lately asserting the introduction of cryptocurrency buying and selling, lamenting its delay in providing these companies to clients.

What do you consider Revolut’s particular banking license in Spain? Tell us in the feedback part beneath.

Sergio Goschenko

Sergio is a cryptocurrency journalist based mostly in Venezuela. He describes himself as late to the sport, coming into the cryptosphere when the price rise occurred throughout December 2017. Having a pc engineering background, residing in Venezuela, and being impacted by the cryptocurrency increase at a social stage, he gives a distinct standpoint about crypto success and the way it helps the unbanked and underserved.

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