Revolut seeks Swiss banking license, plans CHF 150m expansion

Revolut, the British digital bank, has applied for a Swiss banking license to deepen its presence in one of Europe’s most competitive financial hubs. The move follows recent approvals for national licenses in the United States and Britain, and a French authorization in August. With over 80 million global customers, Revolut now seeks to become the fourth independent bank in Switzerland, joining operations in Lithuania, Germany, and France through its existing subsidiary, Revolut Bank UAB, which operates under Lithuanian and European Union oversight. The company has already established itself as the market leader in Switzerland, with over 1.3 million customers—representing roughly 24% market penetration—and aims to surpass 40% in two to three years. Its expansion is underpinned by a CHF 150 million investment plan over the next five years, including a workforce expansion to around 90 employees by the end of 2024, from its current 30 staff. The goal is to localize all operational functions, including salary accounts and Swiss franc deposits, which Revolut currently lacks due to regulatory restrictions. The company’s chief executive, Julian Biegmann, emphasized that trust is a key differentiator against established Swiss banks, citing improved user experience and competitive pricing as competitive advantages. Revolut’s Swiss license would also grant access to the Swiss Deposit Guarantee Scheme, further bolstering customer confidence. While the company prioritizes daily banking use, it is also exploring entry into wealth management, though this remains secondary to its core business in Switzerland. The application aligns with Revolut’s broader strategy to solidify its position as Europe’s largest private technology company, with a valuation of approximately USD 150 billion, according to recent equity placement discussions involving employee and investor sales of shares.