Financial app Revolut plans to obtain a banking license for the Swiss market
The well-known digital financial app Revolut aims to continue its growth in Switzerland. The company has officially announced that it intends to apply for a Swiss banking license from the Swiss Financial Market Supervisory Authority (FINMA). With this step, Revolut wants to significantly expand its offering for Swiss customers and establish itself as a permanent fixture in the local banking sector.
So far, Revolut has primarily operated as a payment service provider in Switzerland. With its own banking license, however, the company could offer additional services, such as savings accounts or loans. Those in charge emphasize that they are prepared to "invest significantly" to meet the strict regulatory requirements in Switzerland.
The Swiss market is considered demanding but very attractive for financial companies. Many Swiss customers already use digital solutions for their daily finances. Through a local license, Revolut could further strengthen user trust, as deposits would then be protected by the Swiss deposit insurance scheme. This is an important factor for customers who invest their money with a bank.
Whether and when FINMA will grant the license remains open. The process for obtaining a banking license in Switzerland is lengthy and involves high hurdles. However, should Revolut be successful, it could further intensify competition among Swiss banks and offer customers new digital opportunities.