Revolut already operates as one more bank in Spain, and as such guarantees the protection of deposits of up to 100,000 euros

Revolut is no longer just a neobank. From today the famous fintech takes the step to become Revolut Bank and begins to operate as a bank in Spain.

This important transition – which had already taken place in other European countries in previous months – is supported by something important: the deposit guarantee that allows bank accounts and deposits of up to 100,000 euros are protected by the Lithuanian state insurer Deposit and Investment Insurance.

A neo bank that looks a little more like an “old bank”

Institutions that offer banking services need a special license to comply with Spanish regulations, and that is precisely what has happened with Revolut, the neobank that now begins its journey as a somewhat more traditional entity and that it will now offer more guarantees to its customers.

As revealed by Cinco Días, Revolut already has more than 800,000 clients in Spain, and those responsible for it hope that with this news these users will be offered “more control, value and security than traditional banks” to thus compete even more notably with traditional banking.

Joe Heneghan, CEO of Revolut Bank, explained that “the launch of the bank in Spain will allow us to launch more products and services in the future“.

As the company already indicated in 2017, the application for the so-called European Banking License is bearing fruit: client funds are protected under the European Deposit Protection Scheme (EDPS), with which up to the first 100,000 euros of the deposits that each client has in Revolut are covered.

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This license, they highlighted at the time, also allows Revolut to offer personal loans, in addition to operating like a traditional bank in other ways, for example when customers can receive their payroll in their Revolut account, in addition to direct debit receipts in it.

Last year Revolut launched its bank in Poland, Lithuania, France, Portugal or Italy, and now it has carried out that operation in another 10 among which, in addition to Spain there are Liechenstein, Luxembourg, Iceland, the Netherlands, Sweden, Germany, Belgium, Finland or Denmark.

Imagen | Sophie dupau

Via | Five days

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