Mobile banking solution Revolut began to operate this week with a specialised European banking licence in Spain, allowing it to offer protected deposits under the deposit guarantee scheme, as reported in a statement.
It points out that the protection of deposits of up to 100,000 euro is guaranteed by the Lithuanian state company Deposit and Investment Insurance.
With this new banking licence, clients of this ‘app’ in Spain can upgrade their account to Revolut Bank and benefit from deposit protection.
The company explains that this launch “will provide a higher level of security and confidence” to customers, while “allowing to launch more products and services in the future.”
Revolut has around 800,000 clients in Spain and 18 million worldwide. In 2021, it launched the bank in Poland and Lithuania, where it began offering credit products.