Customers in 28 European Countries Can Now Upgrade to Revolut Bank

Revolut Bank, a subsidiary of global financial super app Revolut, has announced the launch of its digital banking services in 10 Western European markets, which in addition to the 13 countries where it launched last year, makes its services currently available in 28 countries across the region.

Read more: Revolut Expands Its Digital-Only Banking To 10 More European Countries

With this launch, customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden can now upgrade to Revolut Bank from within the app and have their deposits of up to 100,000 euros (about $114,500) protected under the deposit guarantee scheme.

“Launching the bank in ten new European markets will provide an even greater level of security and confidence for our customers and will enable us to launch a host of new products and services in the near future,” Revolut Bank CEO Joe Heneghan said in a statement.

Read more: Revolut Bank Granted Full EU Banking License Amid Criticisms of Unfair Competition

The news comes on the heels of a recent statement by the Bank of Lithuania (LB) announcing that the subsidiary had been granted a full banking license by the European Central Bank (ECB), enabling it to complement its current activities with consumer credit and payment services including direct debit, cash withdrawal and money remittance.

That European Union license didn’t extend to its home turf of the United Kingdom, however, where the firm operates under an e-money institution license and has yet to become a full-fledged bank. But that is likely to change soon as the company’s application for a British banking license is expected to be approved sometime this year.

With more than 18 million customers worldwide, Revolut’s $33 billion makes it one of the U.K.’s — and Europe’s more broadly — most valuable private technology companies. Currently processing more than 150 million transactions a month, the London-based FinTech unicorn started as a money transfer service in 2015 before expanding its services to include digital banking, stock trading, cryptocurrency.

See also: Revolut’s $33B Valuation Reflects The Promise Of Open Banking

Related news: Revolut Expands Its Digital Banking Services In The US

Beyond its aggressive Europe expansion, the British FinTech company launched its neobank in the U.S. where it has 300,000-plus customers, a move which company Co-founder and CEO Nik Storonsky said was an integral part of its journey to “build the world’s first global financial super app.”

Learn more: US Dreams Dashed But UK and EU Neobanks Brim With Potential in 2022

And extending its businesses across the Atlantic makes Revolut one of the few European neobanks still in pursuit of its American dreams.

U.K. rival Monzo pulled back its application for a U.S. banking license in October last year, and just this month Germany’s N26 announced that it will close its U.S. operations as of Jan. 11, 2022, less than two and a half years after it launched in the country and attracted half a million customers.