Revolut starts banking services in Spain with deposit protection - fintech
Revolut starts banking services in Spain with deposit protection - fintech
Revolut, a leading Fintech platform and Neobank, has received a special banking license for the company in Spain. User deposits are now insured up to € 100,000, whereby the coverage and investment insurance, a Lithuanian state company, is provided. The company, which now has over 800,000 customers in Spain, expects its user base to expand with this new development.
Revolut customers in Spain can upgrade to the Revolut Bank
Revolut, one of the biggest fintech newcomers in Europe, has a special one Bank license in Spain and can now offer your customers a deposit insurance. The protection of the stored assets is guaranteed by a Lithuanian state company called Deposit and Investment Insurance and covers amounts of up to € 100,000 (approx. 115,000 $). In order to receive this protection for your assets, customers have to upgrade their revolut accounts to Revolut Bank accounts.
The strategy aims to maintain the growth of Revolut in Spain after a survey carried out last year showed that more than 80 % of users would deposit more money into service if they were insured. Likewise, 60 % stated that they would use revolut to process payments if the platform would offer insurance options.
European expansion
Revolut, which has its origin in Great Britain, has experienced significant growth in Europe and now has over 18 million customers. The platform, which is often used for transfers and payments worldwide, has been arrived in the USA last year.
Spain is not the first country in which revolut has applied for a banking license. It already offers customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, the Netherlands and Sweden, where he has also managed to offer its users credit products. With regard to the insurance offer for her customers, Joe Heneghan, CEO of Revolut Bank:
The introduction of the bank in Spain will offer our customers a higher level of security and trust and enable us to launch further products and services in the future.
Revolut has also offered cryptocurrency purchases via the app 2017, fusion of fintech and crypto on one platform. One of his direct competitors in this area, N26, is only Introduction of cryptocurrency trade and complained about the delay in the offer of these services for customers.
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