Revolut launches its own bank in the Czech Republic. It will also offer credit cards or credits

There is a report that rock fans of Revolut in the Czech Republic have been waiting for for several years. British fintech startup, currently backed by an investment of $ 800 million, which raised its value to $ 33 billion (718 billion crowns), is expanding its services in the Czech Republic and launching Revolut Bank. In total, it already has over 300,000 clients in our market, a third of whom have registered on the platform this year.

Revolut in the Czech Republic will use its specialized European banking license, thanks to which users’ deposits will be protected up to 100,000 euros, approximately 2.6 million crowns. If users decide to switch to Revolut Bank with their account, the process should only take a few clicks and a few minutes.

“The launch of the bank in the Czech Republic will provide our customers with a higher level of security and trust and will enable us to launch many other new products and services in the near future.” says Nikolai Storonsky, executive director and co-founder of Revolut. In the future, the startup will also offer credit cards and other credit products on the Czech market.

“In addition to accounts protected by the Deposit Insurance Scheme, Revolut Bank currently offers consumer loans and credit cards in Lithuania and Poland. We expect to launch these banking services in the Czech Republic in the future, but we do not have a specific time frame for this, ” adds for CzechCrunch Andrius Biceika, Deputy Director of Revolut Bank.

Loans and credit cards should be added to Revolut’s offer in the European Union in the longer term by several other services, such as savings with the offer of interest on deposits, business banking, junior accounts for children or new loyalty programs.

“At the same time, we are entering a completely new industry, namely reservations and travel management. Customers in the UK can now book accommodation on the go in the app and get a 10% cashback. The launch in the EU, including the Czech Republic, is planned for the next few weeks, ” reveals Biceik.

300 thousand users in the Czech Republic

According to CzechCrunch Revolut, a total of 300,000 users register in the Czech Republic, of which approximately half use the application at least once a week. “Our user base in the Czech Republic is growing rapidly, almost 100,000 new customers have registered for Revolut since the beginning of the year alone, and we do not stop here either,” adds Biceika.

Globally services of a British startup according to last year’s data used by over 15 million people. Thanks to the possibility to trade shares or cryptocurrencies directly in the application last year, Revolut earned approximately 7.8 billion crowns last year, but despite the growth, it still deepens its loss. However, the potential is believed by investors who have invested more than one billion dollars in the company.

So far, Revolut has not been very active on the Czech market, it canceled its active presence several years ago and a team sitting in Poland takes care of the development of the platform in our country. However, it has taken some favorable steps towards domestic users, for example last year he opened domestic accounts in cooperation with Raiffeisenbank supporting the Czech crown.

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Previously, user accounts were officially maintained in the United Kingdom with the IBAN code and other data there. “We will continue to offer local IBANs using local partnerships, as we provide our services under the so-called freedom of service, which does not include the provision of local IBANs.” says Biceika.

Revolut Banka’s expansion into the Czech Republic comes after several years of expectations. Fintech pursues its vision of becoming the only application one needs to manage money, and to this end in 2018 obtained a banking license. Last May, he started in Lithuania as the first country offer bank accounts and the expansion to the Czech Republic was to take place within a few months. In the end, it took more than a year.

This year, Revolut Banka started operating in a total of twelve countries in the region of Central and Eastern Europe, from February including Slovakia. Now the Czech Republic is joining and more countries should be added in the future. “Although we have ambitions to become a global bank, we are currently focusing on expanding banking operations in Europe.” adds Biceika.

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