Revolut applies for banking license in Switzerland for expansion

Revolut: Revolut is a London-based digital financial services company that provides banking, investment, and related products via its mobile app across multiple markets. It recently submitted an application to Switzerland's FINMA for a banking license to enable expanded local services such as salary accounts and Swiss deposit protection. The fintech already operates standalone banks in Britain, Lithuania, and France, and it secured preliminary approval for a U.S. national banking license earlier this month. Strategy: The Swiss application forms part of Revolut's broader push to establish independent banking entities across Europe. Expansion: Revolut is actively pursuing banking licenses in additional jurisdictions to build standalone operations and offer more localized services. Regulation: Approval from Swiss authorities would allow Revolut to deliver full banking features including local IBANs and access to domestic deposit insurance.