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Revolut revs up its role in Cyprus

FILE PHOTO: An illustration picture shows a Revolut bank card in London, Britain September 4, 2019. REUTERS/Kevin Coombs/File Photo

Revolut, the global financial platform with more than 15 million customers worldwide, on Wednesday announced its opening as a bank in Cyprus.

Customers in Cyprus who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme.

What has happened is that Revolut has operationalised its European specialised banking licence in this country.

Customers in Cyprus are now also able to upgrade to Revolut Bank for additional services from within the app. The upgrade process will only take customers a few minutes.

To date, Revolut has attracted more than 160,000 customers in Cyprus, and the fast-growing fintech is confident that deposit accounts, alongside Revolut’s wide range of products and services, will provide customers in Cyprus with more control, value and security than traditional banks.

“Revolut is now the fastest growing fintech company in Europe because we put the customer at the heart of everything that we do. Our product design is second to none, we have no hidden fees, and we are constantly building new and innovative financial products”, said Virgilijus Mirkes, Chief Executive Officer of Revolut Bank.

“Launching the bank in Cyprus will provide a greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the near future,” Mirkes added.

To date, Revolut Group has raised almost $1 billion in investment and was most recently valued at $5.5 billion. In just five years, Revolut has attracted more than 15 million customers around the world. Last year, Revolut also launched its specialised bank in Poland and Lithuania, and started offering highly competitive credit products in both countries.

The specialised bank licence allows Revolut Bank to provide limited banking services via the Revolut app along with an array of financial services and products that is offered by other Revolut Group companies.

Using the Revolut app, customers can see exactly how much they are spending each month on things like restaurants and groceries, can set monthly spending budgets for these categories and manage fees for subscription services, send and request money from friends instantly, and round-up their card payments and build-up their spare change.

Revolut customers can also spend and transfer money globally with no hidden fees, hold and exchange 29 currencies in the app, and send money to friends and family instantly.

About Revolut: We are building the world’s first truly global financial super app. In 2015, Revolut launched in the UK, offering money transfer and exchange. Today, our 15 million customers around the world use dozens of Revolut’s innovative products to make more than 100 million transactions a month. Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.

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