Revolut Bank launches in Germany

One million European customers already park their money there. Now some Germans could join them.

Revolut is a London-based financial platform with over 18 million customers worldwide. The group has now received a European banking license and is launching in Germany with Revolut Bank, which is based in Lithuania. Deposits are protected by the deposit protection scheme up to 100,000 euros. With the launch in Germany, Revolut Bank is now active in 28 EU markets.

Revolut is one of the fastest growing fintechs in the world. To date, the group has received more than 1.5 billion US dollars in investments and was most recently valued at 33 billion US dollars. Since its market launch in 2015, the fintech has expanded enormously.

The fintech is currently adding many new functions. These include multi-currency accounts, the purchase of commodities, budget planning programs, junior accounts, subscription management tools and business accounts. Everything is controlled directly in the app.

Such "super apps", in which a variety of financial services and other services can be carried out, have enjoyed enormous success in recent years, particularly in China. The Chinese apps "Wechat" and "Alipay", for example, are each used by around one billion users. However, Revolut does not go as far as these apps: the services here have so far mainly been limited to financial services. Meanwhile, "Wechat" offers an established chat service, for example, but it can also be used to order food, book doctor's appointments, meet people or play games.