bank revolut

The widely used banking application Revolut has reached a new milestone of 15 million customers, the company announced on Wednesday.

The digital bank was founded in 2015 in the UK, with a vision to build a sustainable, digital alternative to traditional big banks.

It has since been granted a European banking licence and provides customers with the facility to convert currency at competitive rates, transfer money internationally for minimal fees and carry out transactions with ease.

On Thursday, Revolut announced that it has operationalised its European special banking licence in Malta.

Customers in Malta are now able to upgrade to Revolut Bank for additional services from within the app, offering a greater level of security.

Revolut said money will be protected under a Deposit Guarantee Scheme, while customers will be given exclusive access to new products and services, however it did not specify what new products and services will be provided.

To join, customers are required update the Revolut app to the latest version, following this, users should log in and tap on ‘Join Revolut Bank’.

The digital bank has proved to be widely popular in Malta. In an interview in August 2019, Revolut founder and former CEO Nikolay Storonsky confirmed over 100,000 customers in Malta had signed up, and that around 200 customers daily were registering at the time.

It now has around 190,000 customers in Malta. “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 Mirkės, Chief Executive Officer of Revolut Bank in a statement

In addition to personal banking, with facilities to save through the app’s ‘Vaults’ feature, Revolut is also available for business banking and has recently launched an acquiring solution in 16 European countries, including Malta.

Related

IMF experts advising Malta on how to get local companies to pay their fair share of tax

December 1, 2022
by Helena Grech

‘Their remit is to advise relevant authorities of how it is best to achieve better compliance’ by local companies

EU to ban single-use packaging used in hotels & restaurants

December 1, 2022
by BN Writer

Commission proposes new rules for packaging reuse and recycling

HSBC teams up with TradeMalta & The Malta Chamber to help Maltese businesses expand abroad

December 1, 2022
by Arnas Lasys

A new three-year agreement signed to support Maltese business expansion