British fintech platform Revolut has launched banking operations in Romania after receiving the necessary license.
Customers who opt for Revolut Bank are eligible for a deposit guarantee of up to €100,000 based on the European Deposit Guarantee Scheme, according to the local outlet Adevarul.ro.
Romania is among Revolut’s biggest markets in Europe, with the app attracting at least 1.3 million users. The banking approval means that clients will now enjoy additional services.
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Revolut Bank’s Chief Executive Officer Virgilijus Mirkes believes new customers prefer the platform’s transparency and convenience in banking.
“Revolut is the fastest-growing fintech in Europe, and this is because we have always prioritized our customers. An important role is also played by product design, the fact that we do not charge hidden fees and commissions and constantly build innovative financial products. The launch of banking operations in Romania will bring a high level of security and trust to our customers and will allow us to add a suite of new products and services soon,” said Mirkes.
Revolut continues to expand
The Romanian license comes after Revolut launched its banking services in Poland and Lithuania last year. The expansion has seen the company grow its user base and revenue.
Although Revolut’s revenue fell 40% early in 2020, the business rebounded towards the second half. Revolut currently has over 15 million retail and ‘Revolut Business‘ customers.
To date, Revolut has raised $905.5 million from 37 investors, according to data provided by Crunchbase. The company is now valued at $5.5 billion.
