Revolut applies for a banking licence in Switzerland
The British ‘neobank’ Revolut, whose services are already used by over a million Swiss residents, is now applying for a Swiss banking licence.
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Revolut applies for a banking licence in Switzerland
The online bank plans to invest more than CHF150 million in the Swiss market over the next five years.
The granting of a licence by the Swiss Financial Market Supervisory Authority (FINMA) would pave the way for a full range of banking services in Switzerland, Revolut stated in a press release on Wednesday. The application is currently being reviewed by FINMA.
Revolut is already regarded as the largest “neobank” in Switzerland. According to its own figures, it already has 1.3 million customers in the country. In the 2025 financial year alone, the customer base grew by around 240,000 people. This means the British fintech company significantly outstrips its nearest competitors in Switzerland – the finance app Yuh has around 400,000 customers and Neon around 250,000.
Despite its expanded range of services, many Swiss residents still primarily use Revolut as a low-cost “travel payment app”. With a Swiss banking licence, Revolut now aims to offer local customers “full-featured” salary accounts with Swiss IBAN numbers and Swiss deposit protection. The future range of services is also set to include payment processing for merchants, whilst pension pillar 3a products and a Twint service are currently under review.
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Revolut plans to invest more than CHF150 million in setting up the Swiss bank and expanding its presence in the local market. The funds are to be channelled into the development of new products as well as the creation of local jobs. In addition, there will be expansion at board and management level, it is reported. The neobank already employs around 30 staff in Zurich; this figure is likely to rise significantly once it secures a banking licence.
The London-based fintech company is now one of Europe’s largest banks, with over 80 million customers, and is experiencing rapid growth. The company already holds banking licences in the UK, Lithuania and France. In the US, Revolut recently received conditional authorisation from the OCC, the banking regulator.
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