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Revolut launches as a bank in Czechia, now offers protected deposit accounts

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Revolut has opened its European bank to customers in Czechia. Czech customers who upgrade to Revolut Bank will now have their deposits protected.

Prague, 28 July 2021

Revolut, the global financial platform with more than 16 million customers worldwide, has today operationalised its European specialised banking licence in Czechia. Customers in Czechia who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme.

Customers in Czechia are now able to upgrade to Revolut Bank for additional services from within the app. The upgrade process will only take customers a mere few minutes.

To date, Revolut has attracted more than 300,000 customers in Czechia, and the fast growing fintech is confident that deposit accounts, alongside Revolut’s wide range of products and services, will provide customers in Czechia 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”, said Nik Storonsky, Chief Executive Officer of Revolut.

“Launching the bank in Czechia 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”, continued Storonsky.

To date, Revolut Group has raised over $1 billion in investment and was most recently valued at $33 billion. In just six years, Revolut has attracted more than 16 million customers around the world. Last year, Revolut also 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.

Using Revolut app, customers can see exactly how much they are spending each month on things like restaurants and groceries, can set monthly spending budgets for these categories and manage fees for subscription services, send and request money from friends instantly, and round-up their card payments and build-up their spare change. Revolut customers can also spend and transfer money globally with no hidden fees, hold and exchange 29 currencies in the app, and send money to friends and family instantly.

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