Revolut has submitted an application to FINMA to convert its Swiss presence from a Lithuanian-licensed entity into a Swiss bank, backing the push with a CHF 150 million investment plan and promises of Swiss IBANs, salary accounts and local services.
Revolut applied to FINMA for a Swiss banking licence to offer fully localised banking products to its 1.3 million Swiss customers.
The firm plans to invest more than CHF 150 million in Switzerland over five years to build an independent, locally governed banking entity.
If approved, Revolut would introduce Swiss IBANs, salary accounts, eBill, merchant acquiring, access to the Swiss deposit guarantee scheme, and could add Pillar 3a and TWINT.
If approved, the license would enable the company to offer a new level of product localisation to its more than 1.3 million customers in Switzerland. Currently, Revolut serves its Swiss customer base through Revolut Bank UAB, which is licensed in Lithuania and maintains a representative office in Switzerland but does not hold a Swiss banking license. Revolut is also considering further local products, including Pillar 3a and TWINT.
Statistics Statistics The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Edited by Fintech News Switzerland, based on image by topntp26 via Magnific FINMA Revolut Share.
If approved, the Swiss banking license would lay the foundation for a full banking product tailored to the Swiss market, including Swiss IBANs, salary accounts, eBill, merchant acquiring and access to the Swiss deposit guarantee scheme. David Tirado "By applying for a Swiss banking license, we are taking an important step towards becoming a more part of one of the world's most important and advanced financial markets," said David Tirado, Chief Commercial Officer at Revolut. Julian Biegmann "Revolut is already Switzerland's leading fintech.
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