Digital banking Fintech Revolut has launched operations as a bank in 10 Western European nations

Revolut has reportedly launched operations as a bank in ten European nations, allowing it to provide its customers in these markets with deposit protection.

Banking license

Revolut, which is a provider of a financial application for mobile with over 15 million customers across the globe, has taken advantage of its Lithuania specialized banking license to operate as a banking institution in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, and Sweden.

Secure deposit protection

Revolut’s clients in these European markets are now able to upgrade to the bank from within the Revolut app within a few minutes in order to secure deposit protection of up to EUR100,000 euros guaranteed by the Lithuanian State company Deposit and Investment Insurance.

Clients in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia have reportedly been able to upgrade since 2021.

Survey and significant changes

Revolut’s management noted that the arrival of bank status may lead to significant changes to how clients access and use its service.

A survey conducted in 2020 revealed that, on average, nearly half or 50% of the respondents said that they would deposit their salary on Revolut and 54% claimed they would d spend more through the mobile application if their deposits were insured.

Gold and silver exposure

As recently, Revolut has reportedly acquired approval from the Monetary Authority of Singapore (MAS) to provide clients with gold and silver exposure via the firm’s Fintech app.

Revolut‘s management noted that they aim to introduce the service to their Singapore clients this year. After it becomes available, clients will buy and sell exposure to gold and silver, based on the latest market performance data.

Exposures are reportedly backed by real, physical gold and silver.