Revolut, a global financial platform with more than 15 million customers worldwide, on Monday operationalized its European specialized banking license in Estonia.
Customers in Estonia who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme, Revolut said in a press release. The company is planning to offer also other banking services in Estonia in the future.
Revolut said that to date, the company has attracted more than 40,000 customers in Estonia. Customers in Estonia are now able to upgrade to Revolut Bank for additional services from within the app.
Last year, Revolut launched its specialized bank in Poland and Lithuania, and started offering credit products in both countries. The specialized bank license allows Revolut Bank to provide limited banking services via the app along with an array of financial services and products offered by other Revolut Group companies.
Revolut Group has raised almost one billion US dollars in investments and was most recently valued at $5.5 billion.
Revolut first launched in the UK in 2015, offering money transfer and exchange. Today, its 15 million customers around the world use dozens of Revolut products to make more than 100 million transactions a month.
Editor: Kristjan Kallaste