Categories
Tech

Revolut as a Bank, coming to Croatia, Romania, and Bulgaria

One of the most exciting fintech startups of Europe, Revolut is launching in Croatia, Bulgaria, and Romania, among others.

Because it has its own banking license in the European Union since late 2018, it is able to offer some additional financial services without partnering with third-party companies.

This means that the company will be taking advantage of the European passporting rules to operate in other European countries. Right now, Revolut takes advantage of its banking license in two countries — Poland and Lithuania.

In Lithuania for instance, you can apply for a credit card with a credit limit that’s twice the value of your monthly salary (up to €6,000). The company also offers personal loans between €1,000 and €15,000. You can pay back over one to 60 months.

Now, customers in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia will be able to become Revolut Bank customers. According to Techcrunch, this is not a transparent process, as you need to get through a few steps to carry your account over.

But once this process is done, your deposits are protected under the deposit guarantee scheme. If Revolut Bank shutters at some point down the road, customers can claim up to €100,000 thanks to the scheme — both euros and foreign currencies are protected.

Revolu has managed to grow to over 15 million customers and the company recently has announced that it is also applying for a banking license in the UK, which is its home country and its biggest market.