Revolut's Swiss Success: 1M Customers, Eyeing Banking License, F1 Sponsorship
Revolut, the digital banking sensation, has found a sweet spot in Switzerland. With over one million customers, it's now eyeing a Swiss banking license to offer full services. The fintech giant, valued at US$75 billion, is also set to sponsor the Swiss Formula 1 team Sauber from 2026.
Revolut's Swiss journey began with profitability shortly after entering the market. Now, it's investing locally, offering Swiss account numbers through Postfinance, and introducing money market funds. The company reported a net profit of around CHF 900 million in 2022, reflecting its global success with 65 million customers.
Revolut is represented in Switzerland by local entities but is actively pursuing a Swiss banking license to strengthen its position. It's also planning to expand its loan offerings and localize its products, considering operating under a Swiss banking license or a full local branch. Meanwhile, demand is surging in the business segment, especially from firms with international exposure.
Revolut's move into new headquarters in London's Canary Wharf signals its growth and establishment among traditional financial institutions. With a strong Swiss presence and ambitious plans, the fintech giant is well on its way to reaching its goal of 100 million customers by 2027.
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