UK FinTech Revolut is using its Lithuania-based European banking licence to launch as a bank in 10 countries.
These include Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, the Netherlands, Spain and Sweden.
Customers in these markets can now upgrade to full bank accounts which afford deposit protection.
This has already been the case in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia.
What does this mean?
With deposits now protected, it’s possible that customers will hold more money in their Revolut account and begin to use it more as a “main” account, even getting their salary paid into it. In a survey, 50% of people said they would deposit their salary into Revolut if they had deposit protection.