- Users who upgrade their Revolut Bank account will now enjoy protection on their deposits
Revolut, the global financial platform with more than 15 million customers worldwide, today launched its specialized European banking license in Cyprus. Now, the company’s customers in the country who will upgrade their Revolut Bank accounts for additional services will enjoy protection in their deposits, through the deposit guarantee system.
Users in Cyprus can already upgrade their Revolut Bank account within the application, in a process that takes just a few minutes.
To date, Revolut has attracted more than 160,000 customers in Cyprus and the rapidly growing fintech company is confident that deposit accounts, combined with its wide range of products and services, will offer its customers in Cyprus greater control, value and security. compared to traditional banks.
“Revolut is now the fastest growing fintech company in Europe and this has been achieved because we always put customers at the center of all our activities. The design of our products is unbeatable, there are no hidden charges and we are constantly creating new and innovative financial products “, said Mr. Virgilijus Mirkės, CEO of Revolut Bank.
“The launch of the bank in Cyprus will offer higher levels of security and trust to our customers and will allow us to introduce a number of new products and services in the near future,” continued Mr. Mirkės.
To date, the Revolut Group has raised about $ 1 billion in funding rounds and its most recent value estimate was $ 5.5 billion. In just five years, Revolut has attracted more than 15 million customers worldwide. Last year, Revolut launched its specialist bank in Poland and Lithuania, offering highly competitive credit products in both countries. The specialized banking license allows Revolut Bank to offer a wide range of banking services through its application, as well as a range of services and products offered by other companies of the Revolut Group.
Through the Revolut app, users can have full control over the money they spend each month on their purchases and set monthly spending limits, manage their subscriptions, send and receive instant money from friends but also to round off the payments they make with their card, saving the small amounts that are left over. Revolut customers can also spend and transfer money worldwide at no hidden cost, own and trade 29 different currencies through the app, and send money instantly to friends and family.
 Deposit protection is guaranteed by the Lithuanian State Deposit Insurance and Investment Company.