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Revolut Launches Banking Services in Spain Featuring Deposit Insurance

Revolut, a leading fintech platform and neobank, has actually gotten an unique banking license to run in Spain. User deposits are now guaranteed approximately €100K, with the protection being supplied by Deposit and Investment Insurance, a Lithuanian state business. The business, which now has more than 800,000 clients in Spain, anticipates to grow its userbase with this brand-new advancement.

Revolut Customers in Spain Can Upgrade to Revolut Bank

Revolut, among the most significant fintech neobanks in Europe, has actually gotten an unique banking license in Spain, and can now provide deposit insurance to its clients. The defense of the deposited properties will be supplied by a Lithuanian state business called Deposit and Investment Insurance, and it will cover quantities of approximately €100K (about $115,000). To get this defense over their properties, clients will need to update their Revolut accounts to Revolut Bank accounts.

The technique intends to keep Revolut growing in Spain after a survey made in 2015 suggested that more than 80% of users would deposit more funds in the service if they were guaranteed. In the very same method, 60% suggested they would utilize Revolut to settle payments if the platform provided choices for insurance.

European Expansion

Revolut, which has actually its origins in the U.K., has experienced substantial development in Europe, having now over 18 million clients. The platform, which is frequently utilized worldwide to make remittances and payments, got here in the U.S. in 2015.

Spain is not the very first nation where Revolut has actually obtained a banking license. It currently uses these defenses to clients in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, and Sweden, where it has actually handled to also provide credit items to its users. Regarding the deal of insurance to its clients, Joe Heneghan, CEO for Revolut Bank, mentioned:

The launch of the bank in Spain will offer a greater level of security and self-confidence to our clients, and will enable us to introduce more items and services in the future.

Revolut has also used cryptocurrency buy from the app considering that 2017, combining fintech and crypto in one platform. One of its direct rivals in the field, N26, is just just recently revealing the intro of cryptocurrency trading, regreting its hold-up in using these services to clients.

What do you consider Revolut’s unique banking license in Spain? Tell us in the comments area below.

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