A growth in numbers and substance, because both the customers and the services offered are increasing. By following this strategy, Revolut has become to all intents and purposes an Italian bank. A plan started in recent years with the operation of the European license in the country, and the consequent protection of deposits of up to 100,000 euros on the Revolut account, now the process is completed with the arrival of the Italian IBAN. Which will be offered to all new customers who open an account, while those who have already relied on the financial app that appeared in London in 2015 for some time (initially as a commission-free money exchange service) can migrate to the new alphanumeric code.
The company founded by Nikolay Storonsky And Vlad Yatsenko started operations of the Italian branch of Revolut Bank UAB (authorized by the Bank of Lithuania and supervised by the European Central Bank) on 18 November and now, having completed the test phase, it is operational. The accounts and activities of the Italian branch will be supervised by the Bank of Italy, as well as by the ECB. The main change generated by the availability of the Italian IBAN is the disappearance of doubts, misunderstandings and possible skepticism towards Revolut on the part of those less accustomed to digital financial instruments since, compared to the previous Lithuanian IBAN, daily transactions are simplified and everything becomes clearer, as explained by Nicola Vicino, General Manager of the Italian branch. Every customer can receive their salary into their account, pay bills and other charges without complications and perhaps difficult to understand elements. In addition to the ability to operate in parallel on the global market and implement different strategies in individual countries to also be relevant at a local level, the Italian IBAN has been one of the most popular requests from Italian customers over the years. According to a study that the same British company commissioned Dynata, for 46% of Italians the local IBAN is an essential factor when choosing the bank in which to open the main account.
In Italy Revolut has just under 3 million customers and the bar continues to be raised, because the goal is to reach 4 million by the end of 2025. To achieve, have and maintain a similar growth rate, Revolut has relied on a series of services which over time have become an ecosystem aimed at rewarding the most loyal customers (with RevPoints) and attracting those who are not yet familiar with a fintech which, overall, in recent weeks has surpassed 50 million customers. Remaining in Italy, personal loans have been launched in recent months, which allow you to obtain up to 50,000 euros repayable with a maximum of 84 monthly installments (and you can also change the date of the installments). After the arrival of the POS at a cost of 49 euros and without rental fees, with Italy the third country affected by the initiative after the United Kingdom and Ireland, other innovations are planned for the year that has just begun, including payment accounts remunerated savings and the launch of credit cards.
