Revolut Seeks Swiss License, Plans CHF150m Investment

Revolut has applied to Switzerland’s Financial Market Supervisory Authority for a banking license as it seeks to deepen its presence in a market where it says it has about 1.3 million customers. If approved, the license would allow the British fintech to offer local IBANs, salary accounts, Swiss deposit protection and merchant-acquiring services, with potential future products including Pillar 3a and TWINT. Revolut plans to invest more than 150 million Swiss francs in Switzerland over the next five years to develop products, create jobs and establish a locally based banking operation. The application remains under review, and existing customers would be transitioned to the Swiss entity if approval is granted.