Revolut has opened its European bank to customers in Finland. Finnish customers who upgrade to Revolut Bank will now have their deposits protected.
Revolut, the global financial platform with more than 18 million customers worldwide, has today operationalised its European specialised banking licence in Finland.
Customers who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme. Deposit protection up to EUR 100,000 is guaranteed by the Lithuanian State company Deposit and Investment Insurance.
The launch of Revolut Bank is another example of the fintech's constant effort to meet and support the needs of their customers. With the bank licence, customers in Finland are now able to upgrade to Revolut Bank and enjoy deposit protection. The upgrade process will only take customers a mere few minutes.
To date, Revolut has attracted more than 25 000 customers in Finland and the fast growing fintech is confident that deposit accounts, alongside Revolut's wide range of products and services, will provide customers with 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 that we do. Our product design is second to none, we have no hidden fees, and we are constantly building new and innovative financial products", said Joe Heneghan, Chief Executive Officer of Revolut Bank.
"Launching the bank in Finland will provide a greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the future", continued Heneghan.
In just six years, Revolut has attracted more than 18 million customers around the world. In 2020 Revolut launched its bank in Poland and Lithuania, started offering highly competitive credit products in both countries, and continued expansion in the EU. After entering 10 new markets including Finland today, Revolut Bank now operates in 28 EU markets. The specialised bank licence allows Revolut Bank to provide limited banking services via the Revolut app along with an array of financial services and products offered by other Revolut Group companies.
Using Revolut app, customers can see exactly how much they are spending each month on things like restaurants and groceries, can set monthly spending budgets for these categories and manage fees for subscription services, send and request money from friends and receive it instantly, and round-up their card payments and build-up their spare change. Revolut customers can also spend and transfer money globally with no hidden fees, hold and exchange more than 30 currencies in the app, and send money to friends and family instantly.