Revolut Launches Banking Services in Spain Featuring Deposit Insurance

Revolut, a leading fintech and neobank platform, has received a special banking license to operate in Spain. Operating deposits now have an insurance policy of up to € 100K, and the support is provided by Deposit and Investment Insurance, a Lithuanian state-owned company. The company, which now has more than 800,000 customers in Spain, hopes to expand its new facilities and development.

Revolut customers in Spain can visit Revolut Bank

Revolut, one of Europe’s largest fintech banks, is received a special banking license in Spain, and he can now offer deposit insurance to his clients. Security of securities will be provided by the Lithuanian state-owned company Deposit and Investment Insurance, and will provide € 100K (approximately $ 115,000). To receive this protection on their own terms, customers must upgrade their Revolut accounts to Revolut Bank accounts.

The plan wants Revolut to grow in Spain after a survey conducted last year showed that more than 80% of users could save a lot of money on the project if they had insurance. Similarly, 60% indicated that they would use Revolut to reimburse if the platform offers insurance options.

The growth of Europe

Revolut, originally from the UK, has grown significantly in Europe, with more than 18 million customers. The platform, which is widely used worldwide to make money and pay, he arrived in the US last year.

Spain is not the first country where Revolut has applied for a bank permit. It already provides security for customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, the Netherlands, and Sweden, where it has also managed to provide credit to consumers. Regarding the provision of insurance to its customers, Joe Heneghan, chief executive of Revolut Bank, said:

The establishment of a bank in Spain will provide high level of security and confidence to our customers, and will allow us to launch more products and services in the future.

Revolut has also offered cryptocurrency purchases from the app from 2017, combining fintech and crypto in one platform. One of the direct competitors in the field, the N26, is the only one soon announcing the launch of cryptocurrency trading, lamenting its delays in providing services to customers.

What do you think of Revolut’s special banking license in Spain? Tell us in the comments section below. '

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself late for the game, entering the cryptosphere when the rise in prices occurred in December 2017. Having a computer-based infrastructure, living in Venezuela, and being affected by the cryptocurrency boom at the cultural level, he offers a different perspective. about the success of crypto and how it benefits both the rich and the poor.

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