Revolut, the leading fintech platform, and Neobank has been awarded a banking license in Spain. User deposits are now insured up to €100K, with the coverage being provided by Deposit and Investment Insurance, a Lithuanian state company. With this development, the company expects to expand its user base. It currently has more than 800,000.
Revolut customers in Spain can upgrade to Revolut bank
Revolut, Europe’s biggest fintech bank, received a Spain banking license. Now, it can offer deposit insurance for its customers. The protection of the deposited assets will be provided by a Lithuanian state company called Deposit and Investment Insurance, and it will cover amounts of up to €100K (about $115,000). This protection will be available to customers who upgrade their Revolut Bank account to Revolut Bank.
After a survey last year, more than 80% said they would be willing to deposit more money in Revolut if they had insurance. The strategy is designed to maintain Revolut’s growth in Spain. Similar to the poll, 60% of respondents indicated that they would use Revolut for payment settlement if Revolut offered insurance options.
European Expansion
Revolut is a European company that was established in the U.K. It now has more than 18 million users. This platform is used worldwide to send remittances or payments and was introduced in America last year.
Revolut is not the only country in which it has sought a license to operate a bank. These protections are already available to customers in Belgium and Denmark. It also offers them to clients in Germany, Finland, Denmark, Finland. Lichtenstein, Luxembourg. Netherlands. And Sweden. Joe Heneghan is the CEO of Revolut Bank. He stated that insurance was being offered to customers.
We will launch new products and services by launching the Spanish bank.
Revolut offers crypto purchases through its app from 2017 onwards, merging both fintech and cryptocurrency in one platform. N26, a competitor to Revolut in the same field, recently announced that cryptocurrency trading will be available. However, N26 has been slow in offering the services.
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