Revolut launches banking service with deposit insurance in Spain – Fintech Bitcoin News

Leading fintech platform and neobank Revolut has been granted a special banking license to operate in Spain. User deposits are now insured up to EUR 100,000 and are insured by a state-owned company deposit and investment insurance company in Lithuania. The company now has more than 800,000 customers in Spain and expects to expand its user base with this new development.

Revolut customers in Spain can upgrade to Revolut Bank

Revolut is one of the largest fintech neobanks in Europe, with received A special banking license in Spain that can now offer deposit insurance to its customers. The protection of deposited assets will be provided by a Lithuanian state-owned company called Deposit and Investment Insurance up to 100,000 euros (approximately $115,000). In order to obtain this protection of their assets, customers must upgrade their Revolut account to a Revolut bank account.

The strategy is to keep Revolut growing in Spain, as a poll conducted last year showed that more than 80% of users would be insured if they would deposit more money in the service. Likewise, 60% said they would use Revolut to settle payments if the platform offered an insurance option.

European expansion

Originating in the UK, Revolut has experienced significant growth in Europe and now has over 18 million customers. The platform is commonly used worldwide for remittances and payments, arrived in the US last year.

Spain is not the first country where Revolut has applied for a banking license. It already provides these protections to customers in Belgium, Denmark, Finland, Germany, Iceland, Liechtenstein, Luxembourg, the Netherlands and Sweden, and successfully offers credit products to its users. Regarding providing insurance to customers, Revolut Bank CEO Joe Heneghan said:

The establishment of this bank in Spain will provide our customers with a higher level of security and confidence and enable us to launch more products and services in the future.

Revolut also offers the ability to buy cryptocurrencies from the app since In 2017, fintech and cryptocurrencies were merged into one platform.One of its direct competitors in the field, the N26, has only recent Announced the introduction of cryptocurrency exchanges and regretted the delay in providing these services to customers.

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

Sergio Goshenko

Sergio is a cryptocurrency journalist in Venezuela. He describes himself being late to the game, entering the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency craze on a social level, he offers a different perspective on the success of cryptocurrencies and how it can help the unbanked and underserved.

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