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. Now the group has received a European banking license and is launching in Germany with Revolut Bank, which is based in Lithuania. Deposits are protected by the deposit guarantee scheme up to 100,000 euros. With the launch in Germany, Revolut Bank now operates 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 in investment and was most recently valued at $33 billion. Since its launch in 2015, the fintech has expanded tremendously.

The fintech is currently adding many new features. Among them are multi-currency accounts, commodity purchasing, budgeting programs, junior accounts, subscription management tools or business accounts. Everything is controlled directly in the app.

Such "super apps", in which a wide range of financial and other services can be carried out, have enjoyed enormous success in recent years, especially in China. For example, the Chinese apps "Wechat" and "Alipay" are each used by around one billion users. However, Revolut does not go as far as these apps: the services here have so far been limited primarily to financial services. "Wechat, meanwhile, 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.