Revolut Applies for Swiss Banking Licence
The move would let Revolut offer salary accounts, deposit insurance and local IBANs as it seeks to broaden services for 1.3 million Swiss customers.
- On Wednesday, digital bank Revolut applied for a Swiss banking license with the Financial Market Supervisory Authority , unveiling plans to invest over 150 million Swiss francs in the Swiss market.
- Fintech services remain limited in Switzerland because the company cannot currently offer salary or investment accounts denominated in francs, creating barriers to deeper market penetration.
- Chief Commercial Officer David Tirado reported Revolut currently serves 1.3 million Swiss customers, representing around 24% of the market, and stated, "In two to three years, we would expect to surpass 40%."
- Approval would allow the bank to provide Swiss clients with local IBAN account numbers, access to deposit insurance, and a broader range of financial services including salary accounts.
- Switzerland would become the company's fourth standalone European bank, joining Britain, Lithuania, and France, while Revolut recently received preliminary approval for a national banking license in the United States.
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Revolut applies for Swiss banking licence in major expansion
Fintech giant Revolut on Wednesday applied for a Swiss banking licence and pledged to invest more than CHF 150 million in the country over the next five years as it seeks to establish an independent banking operation there. The application was submitted to the Swiss Financial Market Supervisory Authority (FINMA) on Wednesday and is currently […]
The English fintech has returned to the bank licensing race: it has applied for a licence from the Finma. It wants to establish itself more sustainably in Switzerland and announces that it will triple its staff by the end of 2027.After obtaining a full bank license in the United Kingdom, the company wants to settle in the Swiss portfolio. Pending a reply from the Finma, Julian Biegmann, Managing Director for Switzerland and David Tirado, Commerc…
British fintech company Revolut has applied for a Swiss banking license and plans to invest more than 150 million Swiss francs (3.9 billion crowns) in the country, the company announced on its website on Wednesday. If Revolut receives permission from the Swiss Financial Market Supervisory Authority (Finma), it will be able to offer a wide range of services to customers there.
Revolut already has 1.3 million customers in Switzerland. In order to grow, the digital bank is now planning millions of investments, salary accounts and local Swiss IBANs.
Revolut applies for Swiss banking license, unveils investment plans
Revolut Bids for Swiss Banking License in Global Growth Push
Revolut Ltd. has applied for a banking license in Switzerland in its latest expansion push, after winning regulatory approvals to operate as a local lender in markets spanning the Americas to Australia.
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