- The fintech giant plans to invest more than CHF 150 million in Switzerland over five years.
- It currently operates a representative office in Switzerland.
Revolut has applied for a Swiss banking licence as it seeks to expand its local services and build a standalone banking business in the country. The application is under review by the Swiss Financial Market Supervisory Authority (FINMA).
According to the announcement, the fintech firm plans to invest more than CHF 150 million in Switzerland over the next five years. The investment will support new products, local hiring and the development of an independent Swiss banking entity.
Revolut currently serves more than 1.3 million customers in Switzerland through Revolut Bank UAB, which holds a banking licence in Lithuania. The company operates a representative office in Switzerland but does not currently hold a Swiss banking licence.
If FINMA approves the application, Revolut could offer a broader range of services tailored to Swiss customers. These could include Swiss IBANs, salary accounts, eBill and merchant acquiring.
Customers could also receive protection under Switzerland’s deposit guarantee system, subject to the applicable regulatory requirements. Additionally, Revolut is considering additional products, including Pillar 3a and services linked to the Twint payments platform.
Licence to Expand Local Services
The application would also address some limits created by Revolut’s current cross-border structure. The company said it cannot currently offer salary accounts or investment accounts denominated in Swiss francs.
A Swiss banking entity would allow Revolut to provide these services locally while creating a closer relationship with Swiss customers, regulators and employees.
Tirado said the Swiss operation would become Revolut’s fourth standalone bank in Europe, after its businesses in the United Kingdom, Lithuania and France.
Revolut expects its Swiss customer base to grow further. Tirado said the company currently reaches about 24% of the Swiss market and expects that figure to exceed 40% within two to three years.
The company also plans to appoint members of its executive board and senior leadership team as it develops the proposed Swiss bank. The appointments will support the creation of its local governance and operating structure.
If FINMA grants the licence, Revolut plans to transfer existing customers to the Swiss banking entity through a process designed to meet local regulatory requirements. The company said customers would continue to use the existing Revolut experience, while Swiss IBANs would become available from the start.
FINMA’s review remains ongoing, and the application does not guarantee that Revolut will receive approval.