Revolut Launches Banking Services in Spain Featuring Deposit Insurance

Revolut Launches Banking Services in Spain Featuring Deposit Insurance

Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain. User deposits are now insured up to €100K, with the coverage being provided by Deposit and Investment Insurance, a Lithuanian state company. The company, which now has over 800,000 customers in Spain, expects to grow its userbase with this new development. Revolut Customers in Spain Can Upgrade to Revolut Bank

Revolut, one of the biggest fintech neobanks in Europe, has received a special banking license in Spain, and can now offer deposit insurance to its customers. The protection of the deposited assets will be provided by a Lithuanian state company called Deposit and Investment Insurance, and it will cover amounts of up to €100K (about $115,000). To receive this protection over their assets, customers will have to upgrade their Revolut accounts to Revolut Bank accounts.

The strategy aims to keep Revolut growing in Spain after a poll made last year indicated that more than 80% of users would deposit more funds in the service if they were insured. In the same way, 60% indicated they would use Revolut to settle payments if the platform presented options for insurance. European Expansion

Revolut, which has its origins in the U.K., has experienced significant growth in Europe, having now over 18 million customers. The platform, which is commonly used around the world to make remittances and payments, arrived in the U.S. last year.

Spain is not the first country where Revolut has applied for a banking license. It already offers these protections to customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, and Sweden, where it has managed to also offer credit products to its users. Regarding the offer of insurance to its customers, Joe Heneghan, CEO for Revolut Bank, stated:

The launch of the bank in Spain will provide a higher level of security and confidence to our customers, and will allow us to launch more products and services in the future.

Revolut has also offered cryptocurrency purchases from the app since 2017, merging fintech and crypto in one platform. One of its direct competitors in the field, N26, is only recently announcing the introduction of cryptocurrency trading, lamenting its delay in offering these services to customers. Tags in this story baking license, banking license, Insurance, N26, Revolut, Spain

What do you think about Revolut’s special banking license in Spain? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated FINTECH | 55 mins ago Report: Fintech Firms Received 62% of the $4.9 Billion Raised by African Tech Companies in 2021 FINTECH | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRussia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition Next articleNYCB and Group of Banks Join to Launch USDF Stablecoin Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItItalian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG

The Italian luxury sports car manufacturer headquartered in Maranello, Italy, Ferrari has announced the firm is partnering with Velas Network AG, a firm that specializes in blockchain and non-fungible token (NFT) technology. Ferrari Reveals Partnership With Blockchain Firm Velas On ... read more.HP-Branded Servers Hijacked to Mine $110,000 Worth of Cryptocurrency Ethereum Hashrate Taps Record-Setting 1 Petahash as ETH’s Mining Profitability Remains High Crypto Exchange Binance Receives Approval in Bahrain — Plans to Become Regulated, Centralized Worldwide This Year"s Top 10 Crypto Asset Gainers Outshined BTC"s and ETH"s 12-Month Returns