After securing Colombian banking licence, Revolt applies for another in Switzerland

Revolut is rapidly transforming from a digital wallet into a full-scale global bank. After successfully securing a banking license in Colombia, the fintech giant has now formally applied for a license in Switzerland. This follows their recent success in obtaining a UK banking license after a three-year wait. For retailers and merchants, this signals the arrival of a more aggressive competitor in the consumer credit space. When a fintech like Revolut gains a banking license, they move away from being a mere middleman. They can now hold deposits directly and use their own balance sheet to fund consumer loans and credit products. This typically leads to lower costs for the lender, which can translate into more competitive financing offers for your customers at the point of sale. Revolut's expansion suggests they are building the infrastructure to offer seamless, borderless credit products that could eventually challenge traditional credit cards and local BNPL providers in multiple markets. If you operate internationally, these regulatory wins mean you may soon have a unified financing partner capable of supporting customers across different currencies and jurisdictions with less friction.

Source: Finextra — Lending

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