Popular app-based banking service Revolut is again accepting new customers from Malta.
In mid-June, Times of Malta reported Revolut had temporarily paused onboarding for customers based in Malta.
No reason was given for the decision. Malta was, at the time, removed from the list of so-called ‘supported countries’ list although existing users were unaffected.
Now, a month later, the app has started accepting new clients with a Maltese address and the island is back on the list of supported countries, available on Revolut’s website.
When contacted, a spokesperson for the app said that new users can set up a Revolut account.
Asked what had prompted the decision to allow Maltese users to join again, the spokesperson would not say.
“We don’t have anything further to add, however, we can confirm that we are accepting new clients from Malta,” she said when pressed for a reason behind the change.
The company had also not provided a reason for its decision to halt onboarding new users from Malta.
Sources in the finance industry had suggested the move was a cost mitigation decision and that Revolut had decided to suspend new client onboarding due to concerns over the cost of regulatory and risk compliance requirements from operating in the Maltese market.
When asked about this, Revolut would not comment.
Through Revolut, users can transfer funds, buy cryptocurrency and set up savings accounts. Various insurance packages are also offered.
From last year, users in Malta could also upgrade to Revolut Bank. Users can order physical cards, which they manage through the app.
Different packages are also on offer, with monthly subscriptions available.
Revolut first became available to users in Malta in 2018 and, last year, said it had 190,000 customers in the country.