⏱ 2 min 30 read
Updated on 9 November 2026 : Revolut filed its banking licence application with FINMA in September 2026. The procedure is ongoing.
Background
Revolut currently serves its Swiss customers from Revolut Bank UAB, a bank licensed in Lithuania. It has a representative office in Switzerland but no Swiss banking licence. It therefore cannot offer salary accounts or Swiss IBANs. In early 2026, it set up an entity in Zurich.
The key points
Revolut has applied for a banking licence from FINMA, the Swiss Financial Market Supervisory Authority, ICTjournal reported on 16 September 2026. The outcome remains open.
If approved, customers would be moved to a Swiss bank, with local IBANs, salary accounts and eBill. Deposits could be covered by the Swiss deposit guarantee. A pillar 3a product and Twint integration are being studied. According to Bilan, the company is also targeting private banking and businesses.
Key figures
- 1.3 million : Revolut customers in Switzerland, at least
- 150 million francs : planned investment in Switzerland over five years, at least
- 30 to 100 : planned growth in Swiss headcount by end-2027, according to Charles-Henry Monchau
What it means for businesses
- Geneva private banks : a licensed neobank could target their affluent clients and their clients' children.
- Merchants : Revolut plans payment acceptance services.
Analysis
- According to Charles-Henry Monchau (Banque Syz), in Allnews: Revolut does not threaten the Swiss private banking model, but institutions that have drifted away from it; its strength is customer experience.
Further reading
Sources
- ICTjournal – Revolut wants a banking licence to become a Swiss bank
- Allnews – Revolut applies for a FINMA licence: should private banks worry?
- Bilan – Towards a FINMA banking licence: Revolut wants to compete with private banks
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