Securing the green light from the Financial Market Supervisory Authority (Finma) would allow the company to offer salary accounts, local IBANs, and access to Swiss deposit insurance. Currently, the firm faces limitations in the region, unable to provide investment accounts denominated in francs. Chief Commercial Officer David Tirado noted that if successful, the Swiss entity would become the company's fourth standalone bank in Europe, joining operations in Britain, Lithuania, and France.
Revolut Targets Swiss Expansion With Banking License Bid
Digital bank Revolut has officially applied for a Swiss banking license, pairing the move with a 150 million Swiss franc investment to capture more of the Alpine nation's financial sector. The fintech aims to secure local regulatory approval to unlock services currently unavailable to its 1.3 million Swiss account holders.
Revolut currently serves roughly 24% of the Swiss population. Following the fresh capital injection, Tirado expects that market penetration to climb above 40% within three years. This application follows a period of aggressive regulatory growth for the firm, which recently secured preliminary banking approval in the United States and finalized licensing in Britain and France earlier this year.
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