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


Revolut,
a
leading
fintech
platform
and
neobank,
has
received
a
special
banking
license
to
operate
in
Spain.
User
deposits
are
now
insured
up
to
€100K,
with
the
coverage
being
provided
by
Deposit
and
Investment
Insurance,
a
Lithuanian
state
company.
The
company,
which
now
has
over
800,000
customers
in
Spain,
expects
to
grow
its
userbase
with
this
new
development.

Revolut
Customers
in
Spain
Can
Upgrade
to
Revolut
Bank

Revolut,
one
of
the
biggest
fintech
neobanks
in
Europe,
has

received

a
special
banking
license
in
Spain,
and
can
now
offer
deposit
insurance
to
its
customers.
The
protection
of
the
deposited
assets
will
be
provided
by
a
Lithuanian
state
company
called
Deposit
and
Investment
Insurance,
and
it
will
cover
amounts
of
up
to
€100K
(about
$115,000).
To
receive
this
protection
over
their
assets,
customers
will
have
to
upgrade
their
Revolut
accounts
to
Revolut
Bank
accounts.

The
strategy
aims
to
keep
Revolut
growing
in
Spain
after
a
poll
made
last
year
indicated
that
more
than
80%
of
users
would
deposit
more
funds
in
the
service
if
they
were
insured.
In
the
same
way,
60%
indicated
they
would
use
Revolut
to
settle
payments
if
the
platform
presented
options
for
insurance.

European
Expansion

Revolut,
which
has
its
origins
in
the
U.K.,
has
experienced
significant
growth
in
Europe,
having
now
over
18
million
customers.
The
platform,
which
is
commonly
used
around
the
world
to
make
remittances
and
payments,

arrived

in
the
U.S.
last
year.

Spain
is
not
the
first
country
where
Revolut
has
applied
for
a
banking
license.
It
already
offers
these
protections
to
customers
in
Belgium,
Denmark,
Finland,
Germany,
Iceland,
Lichtenstein,
Luxembourg,
Netherlands,
and
Sweden,
where
it
has
managed
to
also
offer
credit
products
to
its
users.
Regarding
the
offer
of
insurance
to
its
customers,
Joe
Heneghan,
CEO
for
Revolut
Bank,
stated:

The
launch
of
the
bank
in
Spain
will
provide
a
higher
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

since

2017,
merging
fintech
and
crypto
in
one
platform.
One
of
its
direct
competitors
in
the
field,
N26,
is
only

recently

announcing
the
introduction
of
cryptocurrency
trading,
lamenting
its
delay
in
offering
these
services
to
customers.

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in
this
story



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

sergio@bitcoin.com'
Sergio
Goschenko

Sergio
is
a
cryptocurrency
journalist
based
in
Venezuela.
He
describes
himself
as
late
to
the
game,
entering
the
cryptosphere
when
the
price
rise
happened
during
December
2017.
Having
a
computer
engineering
background,
living
in
Venezuela,
and
being
impacted
by
the
cryptocurrency
boom
at
a
social
level,
he
offers
a
different
point
of
view
about
crypto
success
and
how
it
helps
the
unbanked
and
underserved.



Image
Credits
:
Shutterstock,
Pixabay,
Wiki
Commons


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