Revol, the British-based neobank that already has more than 18 million customers worldwide, just landed in 10 new European countries, taking advantage of its specialized European banking license. In the words of Joe Henegan, CEO of the company:
“Launching the bank in ten new markets will provide an even greater level of security and confidence for our customers, and will allow us to launch a host of new products and services in the near future.”
The great news is that Spain is among those ten countries (together with Belgium, Denmark, Finland, Germany, Iceland, Liechtenstein, Luxembourg, the Netherlands and Sweden) in which their current users can be updated from the mobile app to become, in a few minutes, a user of this new version of their services.
In the six years since its inception, Revolut has become one of the fastest growing fintech companies in Europe
Revolut carried out a survey at the end of last year that found that 80% of your Spanish clients would be willing to deposit more money in their account if they had deposit protection and almost 60% would spend more. At the European level, almost 50% of those surveyed declared themselves willing to deposit their salary in the Revolut account.
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What changes and what does not?
The first and most relevant change is that now Revolut customers will be protected by a deposit guarantee scheme of up to 100,000 euros, thanks to the support of the Lithuanian state company Deposit and Investment Insurance.
Unfortunately, as Revolut has recognized on Twitter, Spanish customers (more than 800,000) They will not be able to obtain accounts with Spanish IBAN yet, so it will continue to start with ‘LT’, indication of your membership in the Lithuanian financial system.
Although, of course, that has a positive part: no data on your accounts will change when they accept their conversion into bank customers in the app.
For legal purposes, users will no longer have an ‘e-money account’ with Revolut Payments, which they could only use until now for transfers and currency exchange (and other ancillary services), and they will go on to join Revolut Bank, which adds a demand deposit account to the electronic money account.
“When you have both, you can enjoy all the functionality and benefits of Revolut, such as transfers and currency exchange at great rates, but also deposit insurance to keep your money safe. It’s a win-win.”
Of course, Revolut also warns that users are asking questions on the networks about whether the change means that the tax authorities will be able to reach them more easily. Y about that they are blunt:
“Whether you have an electronic money account or a deposit account at the bank, Revolut is not a place to hide. We operate in local markets in compliance with local laws and regulations, and cooperating with local authorities.”