Revolut to expand prospects in Spain with its new banking system

• Revolut, the leading fintech platform, and neobank has secured a specific banking license to operate in Spain.

• Individual deposits are insured up to €100,000, with protection provided by Deposit and Funding Insurance coverage. 

• With this new enhancement, the company, which presently has over 800,000 prospects in Spain, aims to expand its userbase.

Revolut aim to increase its userbase

Revolut, one of Europe’s largest fintech neobanks, has obtained a particular banking license in Spain and may now offer deposit protection to its clients. The safety of the deposited property will most likely be provided by a Lithuanian state corporation known as Deposit and Funding Insurance coverage, which will cover amounts as high as €100,000 (about $115,000). 

Prospects should upgrade their Revolut accounts to Revolut Financial institution accounts to acquire this security over their property.

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The plan aims to keep Revolut expanding in Spain after a survey conducted last year found that more than 80% of consumers would deposit additional funds in the service provided they were protected. In a similar manner, 60% said they’d use Revolut to settle bills if the platform had insurance options.

European Development

With over 18 million subscribers, Revolut, which originated in the United Kingdom, has seen a huge expansion in Europe. The network, which is widely used throughout the world for remittances and payments, came to the United States last year.

Spain is not the only country where Revolut has applied for a banking license. It already provides similar safeguards to clients in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, the Netherlands, and Sweden, where it has also succeeded to supply credit score goods.

Availability of insurance coverage

The new banking system Includes the availability of insurance coverage to its prospects, Joe Heneghan, CEO of Revolut Financial institution, stated:

 “The launch of the bank in Spain will provide a higher level of safety and confidence to our prospects, and will enable us to launch additional services and products sooner or later.”

Since 2017, Revolut has also offered bitcoin purchases using its app, combining financial and cryptocurrency into a single platform. 

Considered one of its immediate competitors in the sector, N26, has just recently announced the debut of cryptocurrency buying and selling, regretting its delay in giving these services to prospects.