Revolut starts operating as a bank in Finland and now offers secured deposit accounts
Revolutions have opened up customers of its European bank in Finland. Deposits of Finnish customers upgrading to Revolut Bank are now protected.
Revolut, a global financial platform with more than 18 million customers worldwide, has today introduced a European special banking license in Finland.
Deposits from customers who upgrade to Revolut Bank for additional services are now protected under the Deposit Guarantee Scheme. The Lithuanian State Deposit and Investment Insurance Company guarantees deposit protection up to EUR 100,000.
The launch of Revolut Bank is another example of fintech’s ongoing efforts to meet and support the needs of its customers. With a bank license, customers in Finland can now upgrade to Revolut Bank and enjoy deposit protection. The upgrade process only takes a few minutes from customers.
To date, Revolut has attracted more than 25,000 customers in Finland, and the fast-growing fintech is confident that deposit accounts and Revolut’s wide range of products and services offer customers more control, value and security than traditional banks.
“Revolut is one of the fastest growing fintech companies in Europe because we put the customer at the heart of everything we do. Our product design is second to none, we have no hidden costs and we are constantly developing new and innovative financial products.” Joe Heneghan, CEO of Revolut Bank.
“The launch of the bank in Finland will increase the security and trust of our customers and enable a number of new products and services in the future,” Heneghan continued.
In just six years, Revolut has attracted more than 18 million customers worldwide. In 2020, Revolut launched a bank in Poland and Lithuania, began offering highly competitive credit products in both countries and continued to expand in the EU. Having entered 10 new markets today, including Finland, Revolut Bank now operates in 28 EU markets. The special banking license allows Revolut Bank to offer limited banking services through the Revolut application as well as many other financial services and products offered by companies belonging to the Revolut Group.
With the Revolut app, customers can see exactly how much they spend per month on things like restaurants and groceries, set monthly spending budgets for these categories, and manage subscription fees, send and request money from friends, and receive and rotate them immediately. -correct card payments and collect backup money. Revolut customers can also access and transfer money worldwide at no hidden cost, hold and exchange over 30 currencies in the app, and send money to friends and family instantly.
Source: Revolut