Revolut, a British fintech company offering banking services, announced that it has operationalised its European specialised banking license in Estonia.
The specialised bank license allows Revolut Bank to provide limited banking services via its app along with an array of financial services and products that is offered by other Revolut Group companies.
Customers in Estonia are now able to upgrade to Revolut Bank for additional services from within the app, the upgrade process will reportedly take only a few minutes.
Those who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme.
To date, Revolut said that it has more than 40,000 customers in Estonia, and feels that deposit accounts, alongside Revolut’s wide range of products and services, will provide customers in Estonia with more control, value and security compared to traditional banks.
Last year, Revolut also launched its specialised bank in Poland and Lithuania, and started offering credit products in both countries.
Revolut Group has raised almost $1 billion in investment and was most recently valued at $5.5 billion.
“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.
Launching the bank in Estonia 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”,
said Virgilijus Mirkės, Chief Executive Officer of Revolut Bank.
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