Revolut Launches Banking Services in Spain Featuring Deposit Insurance

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Revolut, a starring fintech level and neobank, has received a peculiar banking licence to run successful Spain. User deposits are present insured up to €100K, with the sum being provided by Deposit and Investment Insurance, a Lithuanian authorities company. The company, which present has implicit 800,000 customers successful Spain, expects to turn its userbase with this caller development.

Revolut Customers successful Spain Can Upgrade to Revolut Bank

Revolut, 1 of the biggest fintech neobanks successful Europe, has received a peculiar banking licence successful Spain, and tin present connection deposit security to its customers. The extortion of the deposited assets volition beryllium provided by a Lithuanian authorities institution called Deposit and Investment Insurance, and it volition screen amounts of up to €100K (about $115,000). To person this extortion implicit their assets, customers volition person to upgrade their Revolut accounts to Revolut Bank accounts.

The strategy aims to support Revolut increasing successful Spain aft a canvass made past twelvemonth indicated that much than 80% of users would deposit much funds successful the work if they were insured. In the aforesaid way, 60% indicated they would usage Revolut to settee payments if the level presented options for insurance.

European Expansion

Revolut, which has its origins successful the U.K., has experienced important maturation successful Europe, having present implicit 18 cardinal customers. The platform, which is commonly utilized astir the satellite to marque remittances and payments, arrived successful the U.S. past year.

Spain is not the archetypal state wherever Revolut has applied for a banking license. It already offers these protections to customers successful Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, and Sweden, wherever it has managed to besides connection recognition products to its users. Regarding the connection of security to its customers, Joe Heneghan, CEO for Revolut Bank, stated:

The motorboat of the slope successful Spain volition supply a higher level of information and assurance to our customers, and volition let america to motorboat much products and services successful the future.

Revolut has besides offered cryptocurrency purchases from the app since 2017, merging fintech and crypto successful 1 platform. One of its nonstop competitors successful the field, N26, is lone recently announcing the instauration of cryptocurrency trading, lamenting its hold successful offering these services to customers.

What bash you deliberation astir Revolut’s peculiar banking licence successful Spain? Tell america successful the comments conception below.'

Sergio Goschenko

Sergio is simply a cryptocurrency writer based successful Venezuela. He describes himself arsenic precocious to the game, entering the cryptosphere erstwhile the terms emergence happened during December 2017. Having a machine engineering background, surviving successful Venezuela, and being impacted by the cryptocurrency roar astatine a societal level, helium offers a antithetic constituent of presumption astir crypto occurrence and however it helps the unbanked and underserved.

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