Revolut has applied for a Swiss banking license and plans to invest more than CHF 150 million in the country over the next five years.
Revolut Expands Its Swiss Offering
The fintech submitted its application to the Swiss Financial Market Supervisory Authority, or FINMA, on Wednesday. If approved, the license would allow Revolut to offer a more localized banking service to its more than 1.3 million Swiss customers.
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Planned services include Swiss IBANs, salary accounts, eBill, merchant acquiring and Swiss deposit protection. Revolut is also evaluating Pillar 3a and TWINT.
From Lithuanian License To Swiss Bank
Swiss customers are currently served through Revolut Bank UAB, which is licensed in Lithuania and has a representative office in Switzerland.
A Swiss license would allow the company to establish a locally regulated banking operation, supported by local infrastructure and staff. Revolut also plans to appoint local executives and create additional jobs as part of its Swiss expansion.
“If approved, we would become a true Swiss bank,” Julian Biegmann, Revolut’s General Manager for Switzerland, said.
Part Of European Expansion
The application follows Revolut Bank S.A.’s full banking license in August after an assessment by the European Central Bank and France’s Autorité de Contrôle Prudentiel et de Résolution.
Revolut said it now serves more than 80 million customers worldwide. If approved, the Swiss license would add another locally regulated banking operation to its European network.
