Revolut, the global financial platform, said Thursday that its customers in Malta can now upgrade to Revolut Bank.
Revolut has attracted over 190,000 customers in Malta, and the company said it is confident that deposit accounts, will provide customers in Malta with "more control, value and security than traditional banks".
“Revolut is now the fastest growing fintech company in Europe because we put the customer at the heart of everything that we do. Our product design is second to none, we have no hidden fees, and we are constantly building new and innovative financial products,” Virgilijus Mirkės, Chief Executive Officer of Revolut Bank said in a statement.
“Launching the bank in Malta will provide a greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the near future.”
Revolut said its bank customers will now have their deposits protected under the deposit guarantee scheme.
Last year, Revolut launched its specialised bank in Poland and Lithuania, and started offering highly competitive credit products in both countries.
Specialised bank licence allows Revolut Bank to provide limited banking services via Revolut app along with an array of financial services and products that is offered by other Revolut Group companies.
What is Revolut?
Revolut is a mobile app-based service that offers a range of digital banking options. Users can transfer funds, buy cryptocurrency and set up savings accounts. Insurance packages are also offered to users.
Users can order physical cards which they manage through the app. Different packages are also on offer, with monthly subscriptions available.
Revolut became available to users in Malta in 2018.
What has changed?
In a statement, the MFSA confirmed Revolut Bank had been authorised in Malta.
It is now licenced to accept deposits and other repayable funds, according to the MFSA posting.
The Malta Bankers Association said it was too early to assess the impact that Revolut's new status will have on the local banking sector.
"Since EU accession in 2004, the MBA’s members have operated within a competitive environment which over the years has seen the advent of new players – both local and international – in the Maltese market, which included also Fintech operators," it said.