UK neobank Revolut, just weeks after receiving a banking license in France, has announced that it has submitted an application for a Swiss banking license to FINMA, the financial regulator in Switzerland. The licensing procedure is currently pending, and its outcome is open.

Revolut in Switzerland

Revolut currently has more than 1.3 million customers in Switzerland. These customers are currently served by Revolut Bank UAB, which is licensed in Lithuania and maintains a representative office in Switzerland but does not hold a Swiss banking license. Should the license be granted, it would represent the next logical step in expanding Revolut’s offering for Swiss customers and strengthening its local presence for the long term.

Swiss bank license

A Swiss banking license would lay the foundation for a full banking product that combines Revolut’s technological strength with Switzerland’s high regulatory standards. Alongside Revolut’s continued global product innovation, the Swiss banking entity would enable a new level of product localisation for Swiss customers, with Swiss IBANs, salary accounts, eBill, merchant acquiring and access to the Swiss deposit guarantee scheme. Further local products, including Pillar 3a and TWINT, are under consideration.

Revolut expansion

Revolut has been very busy lately expanding geographically, beginning with new banking licenses in various jurisdictions, as well as product-wise – especially into Crypto. The company recently hired Crypto.com’s Global Head of Institutional Sales Nilesh Khatwani, and brought on board former Trading.com CEO Georgios Vasiliou as CEO of Revolut Cyprus, where Revolut holds a MiCA license as a Crypto asset entity.

David Tirado, Chief Commercial Officer at Revolut, commented,

“Today marks a pivotal moment for Revolut’s European strategy. By applying for a Swiss banking licence, we are taking an important step towards becoming a more deeply rooted part of one of the world’s most important and advanced financial markets. Together with our existing banking licences and regulatory infrastructure across Europe, this would further strengthen our compliance, governance and regulatory framework. It would give us the right structure to be closer to our customers, regulators and talent across our key European markets, while continuing to grow responsibly.”

Julian Biegmann, General Manager for Switzerland, added,

“Revolut is already Switzerland’s leading fintech. With our own banking licence, we would become a true Swiss bank, able to offer our more than 1.3 million customers our leading Revolut banking product with a Swiss finish. Clients would be able to receive their salaries to their Revolut account and manage all their finances – from spending, to investing, and beyond — with the product experience they already know and trust from Revolut.”

CHF 150 million investment

To execute this vision, Revolut also announced plans today to invest more than CHF 150 million (USD $183 million) in Switzerland over the next five years. The investment will notably support the development of new products and the creation of local jobs, while planned appointments at executive board and senior leadership level will further strengthen the build-out of an independent, locally anchored banking structure.

In the event that approval is granted, existing customers would move to the Swiss banking entity through a simple process designed to make the transition seamless for customers while meeting Swiss regulatory requirements. The Revolut experience customers know today would remain unchanged, with local IBANs available from the outset and further local products and services to follow.