Revolut said on 16 September that it had submitted an application for a Swiss banking licence to FINMA. The company plans to invest more than CHF150 million in Switzerland over five years. It stressed that the application remains under review and its outcome is open.
Revolut already serves more than 1.3 million customers in Switzerland. They currently use Lithuania-licensed Revolut Bank UAB. That entity maintains a Swiss representative office but does not hold a Swiss banking licence, according to the company.
LOCAL BANKING SERVICES REMAIN CONDITIONAL
Approval would support Swiss IBANs, salary accounts, eBill and merchant acquiring. Access to Switzerland’s deposit guarantee scheme would depend on establishing the licensed local bank.
Revolut is also considering Pillar 3a pension and TWINT services. These remain potential products, not services confirmed as available through the proposed Swiss entity.
INVESTMENT AND STAFFING PLANS
Switzerland general manager Julian Biegmann told Reuters that Revolut intended to triple its local workforce, currently about 30 people, by the end of 2027.
FINMA’s licensing decision is the next regulatory milestone. If approval is granted, Revolut plans to migrate existing customers to its Swiss entity and introduce further local services.