Customers who opt for Revolut Bank are eligible for a deposit guarantee of up to €100,000 based on the European Deposit Guarantee Scheme, according to the local outlet Adevarul.ro. Romania is among Revolut’s biggest markets in Europe, with the app attracting at least 1.3 million users. The banking approval means that clients will now enjoy additional services. Revolut Bank’s Chief Executive Officer Virgilijus Mirkes believes new customers prefer the platform’s transparency and convenience in banking.
Revolut continues to expand
The Romanian license comes after Revolut launched its banking services in Poland and Lithuania last year. The expansion has seen the company grow its user base and revenue. Although Revolut’s revenue fell 40% early in 2020, the business rebounded towards the second half. Revolut currently has over 15 million retail and ‘Revolut Business‘ customers. To date, Revolut has raised $905.5 million from 37 investors, according to data provided by Crunchbase. The company is now valued at $5.5 billion.
