Revolut Applies for Swiss Banking License with FINMA

UK neobank Revolut has submitted an application for a Swiss banking license to FINMA, the Swiss financial regulator. The licensing procedure is pending, and its outcome remains open. This move comes just weeks after Revolut received a banking license in France.

Revolut currently serves more than 1.3 million customers in Switzerland through Revolut Bank UAB, which is licensed in Lithuania and operates a representative office in Switzerland but does not hold a Swiss banking license. If granted, the license would support the expansion of Revolut's offering for Swiss customers and strengthen its local presence.

A Swiss banking license would enable a full banking product combining Revolut's technology with Swiss regulatory standards. The Swiss entity would allow for product localization including Swiss IBANs, salary accounts, eBill, merchant acquiring, and access to the Swiss deposit guarantee scheme. Further products such as Pillar 3a and TWINT are under consideration.

Revolut also announced plans to invest more than CHF 150 million (USD $183 million) in Switzerland over the next five years. The investment will support new product development and local job creation, with planned appointments at executive board and senior leadership levels to build an independent, locally anchored banking structure.

David Tirado, Chief Commercial Officer at Revolut, said that applying for a Swiss banking license is a pivotal moment for Revolut's European strategy and an important step toward becoming more deeply rooted in Switzerland. He noted that together with existing banking licenses and regulatory infrastructure across Europe, this would further strengthen compliance, governance, and regulatory framework.

Julian Biegmann, General Manager for Switzerland, added that Revolut is already Switzerland's leading fintech and that with its own banking license, it would become a true Swiss bank, able to offer its more than 1.3 million customers a leading banking product with a Swiss finish. Clients would be able to receive salaries to their Revolut account and manage all their finances with the product experience they know.

If approval is granted, existing customers would move to the Swiss banking entity through a simple process designed to be seamless while meeting Swiss regulatory requirements. The Revolut experience would remain unchanged, with local IBANs available from the outset and further local products and services to follow.