The British financial company Revolut has merged Revolut Payments and Revolut Bank as a result of the expansion of its banking license in the EU, thereby ensuring a unified financial operating system. This merger, which has come into effect, brings minimal changes to operations, but as announced, offers numerous opportunities for Revolut service users.
The user account from Revolut Payments will transition to a current account in Revolut Bank while the IBAN will remain the same, allowing users to continue using their current account for making payments and holding funds, as stated in the company’s announcement. All other services that were previously part of the Revolut Payments operations will continue to be available.
However, there are new developments for users of paid plans, as those with a subscription to the Plus, Premium, or Metal plan will now need to seek this service at Revolut Bank, as they will become the owners of the group insurance policy for everyday protection and travel.
Unlike its sister company, Revolut Bank does not provide insurance distribution services; this role now belongs to Revolut Insurance Europe, which will also provide all information regarding user insurance and respond to any questions related to coverage.
This financial company became the largest private technology group in the United Kingdom last year, as well as their most valuable startup, having increased its valuation sixfold in one investment round compared to previous periods, achieving a market value of $33 billion, as we have previously reported in Lider.
Last year, Revolut recorded a number of 150,000 clients in Croatia, and since then it has also been operating as a bank here.
