- Revolut has applied for a local banking licence from the Swiss Financial Market Supervisory Authority (FINMA). The application is currently under review.
- Obtaining the licence would pave the way for a complete banking offering in Switzerland, including Swiss IBANs, salary accounts, eBill, merchant acquiring, deposit protection under Swiss standards, and the possibility of a future Pillar 3a and Twint offering.
- With more than 1.3 million customers, Revolut is already the leading fintech in Switzerland. Over the next five years, it will invest more than CHF 150 million in the Swiss market — one of the largest financial-sector investments in the country in decades.
- Revolut will make a number of appointments to its Executive Board and senior leadership team as it works towards building out its independent Swiss banking entity for the long term.
Revolut, the global financial leader serving more than 80 million customers worldwide, has officially submitted an application for a Swiss banking licence to FINMA. The licensing procedure is currently pending, and its outcome is open. Revolut has more than 1.3 million customers in Switzerland. These customers are currently served by Revolut Bank UAB, which is licensed in Lithuania and maintains a representative office in Switzerland but does not hold a Swiss banking license. Should the license be granted, it would represent the next logical step in expanding Revolut’s offering for Swiss customers and strengthening its local presence for the long term.
A Swiss banking license would lay the foundation for a full banking product that combines Revolut’s technological strength with Switzerland’s high regulatory standards. Alongside Revolut’s continued global product innovation, the Swiss banking entity would enable a new level of product localisation for Swiss customers, with Swiss IBANs, salary accounts, eBill, merchant acquiring and access to the Swiss deposit guarantee scheme. Further local products, including Pillar 3a and TWINT, are under consideration.
David Tirado, Chief Commercial Officer at Revolut, commented: “Today marks a pivotal moment for Revolut’s European strategy. By applying for a Swiss banking licence, we are taking an important step towards becoming a more deeply rooted part of one of the world’s most important and advanced financial markets. Together with our existing banking licences and regulatory infrastructure across Europe, this would further strengthen our compliance, governance and regulatory framework. It would give us the right structure to be closer to our customers, regulators and talent across our key European markets, while continuing to grow responsibly.”
Julian Biegmann, General Manager for Switzerland, added: “Revolut is already Switzerland’s leading fintech. With our own banking licence, we would become a true Swiss bank, able to offer our more than 1.3 million customers our leading Revolut banking product with a Swiss finish. Clients would be able to receive their salaries to their Revolut account and manage all their finances – from spending, to investing, and beyond — with the product experience they already know and trust from Revolut.”
To execute this vision, Revolut also announced plans today to invest more than CHF 150 million in Switzerland over the next five years. The investment will notably support the development of new products and the creation of local jobs, while planned appointments at executive board and senior leadership level will further strengthen the build-out of an independent, locally anchored banking structure.
In the event that approval is granted, existing customers would move to the Swiss banking entity through a simple process designed to make the transition seamless for customers while meeting Swiss regulatory requirements. The Revolut experience customers know today would remain unchanged, with local IBANs available from the outset and further local products and services to follow.
