Friday, January 21, 2022

Revolut Launches Banking Services in Spain Featuring Deposit Insurance – Fintech Bitcoin News

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Revolut, a number one fintech platform and neobank, has acquired a particular banking license to function in Spain. User deposits are actually insured as much as €100K, with the protection being supplied by Deposit and Investment Insurance, a Lithuanian state firm. The firm, which now has over 800,000 clients in Spain, expects to develop its userbase with this new growth.

Revolut Customers in Spain Can Upgrade to Revolut Bank

Revolut, one of many greatest fintech neobanks in Europe, has acquired a particular banking license in Spain, and might now provide deposit insurance coverage to its clients. The safety of the deposited property shall be supplied by a Lithuanian state firm referred to as Deposit and Investment Insurance, and it’ll cowl quantities of as much as €100K (about $115,000). To obtain this safety over their property, clients should improve their Revolut accounts to Revolut Bank accounts.

The technique goals to maintain Revolut rising in Spain after a ballot made final 12 months indicated that greater than 80% of customers would deposit extra funds in the service in the event that they had been insured. In the identical method, 60% indicated they’d use Revolut to settle funds if the platform offered choices for insurance coverage.

European Expansion

Revolut, which has its origins in the U.Ok., has skilled important progress in Europe, having now over 18 million clients. The platform, which is usually used all over the world to make remittances and funds, arrived in the U.S. final 12 months.

Spain is just not the primary nation the place Revolut has utilized for a banking license. It already gives these protections to clients in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, and Sweden, the place it has managed to additionally provide credit score merchandise to its customers. Regarding the provide of insurance coverage to its clients, Joe Heneghan, CEO for Revolut Bank, acknowledged:

The launch of the financial institution in Spain will present a better degree of safety and confidence to our clients, and can permit us to launch extra services in the longer term.

Revolut has additionally supplied cryptocurrency purchases from the app since 2017, merging fintech and crypto in one platform. One of its direct rivals in the sphere, N26, is just not too long ago asserting the introduction of cryptocurrency buying and selling, lamenting its delay in providing these providers to clients.

What do you concentrate on Revolut’s particular banking license in Spain? Tell us in the feedback part under.'
Sergio Goschenko

Sergio is a cryptocurrency journalist based mostly in Venezuela. He describes himself as late to the sport, coming into the cryptosphere when the value rise occurred throughout December 2017. Having a pc engineering background, dwelling in Venezuela, and being impacted by the cryptocurrency growth at a social degree, he gives a distinct standpoint about crypto success and the way it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational functions solely. It is just not a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or firms. doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any injury or loss brought on or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or providers talked about in this text.

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