🚀 Revolut’s Branch Officially Launches in Italy, Introducing Italian IBANs
This year, Revolut has marked a significant milestone by launching its Italian branch, accompanied by the introduction of the Italian IBAN. This development enables users in Italy to utilize Revolut as their primary banking solution.
The Introduction of Revolut in Italy: Local IBAN Availability 🤝
Revolut, known globally as a versatile financial super app, has officially commenced operations in Italy, allowing Italian customers to acquire an Italian IBAN. This strategic move follows the completion of initial testing phases, resulting in the establishment of Revolut Bank UAB as a legitimate banking entity within Italy, closely monitored by the Bank of Italy and the European Central Bank.
With this achievement, Revolut can now offer customer accounts featuring Italian IBANs that commence with “IT,” a shift from the previously utilized Lithuanian IBANs beginning with “LT.”
New customers of Revolut will receive their Italian IBAN upon account activation. Existing users—amounting to nearly 3 million—can transition to an Italian IBAN starting January 2025.
It is important to note that account holders’ deposits remain safeguarded up to €100,000 by the Deposit Guarantee Fund associated with the Bank of Lithuania.
The adoption of the Italian IBAN will streamline everyday banking activities for users. Customers will effortlessly manage salary deposits and direct debit transactions without complications.
Revolut’s Vision: Enhancing Growth in Italy 🌱
Research conducted by Revolut reveals that nearly half (46%) of Italians deem a local IBAN crucial when selecting a primary banking service. With the rollout of this feature, Italian users can experience a blend of global banking services alongside the convenience of a local IBAN.
On this significant launch, Nicola Vicino, the newly appointed General Manager of the Italian branch, expressed:
“This initiative positions Revolut Bank UAB in Italy as a complete banking partner within the nation. The availability of an account with an Italian IBAN simplifies transactional processes, making it more appealing for users to select us as their principal bank. Our Italian account can seamlessly handle salary payments and bill settlements or direct debits. Furthermore, our operations align with the regulatory frameworks set by local authorities, underscoring our commitment to being both a global financial platform and a locally relevant institution.”
This development enhances Revolut’s attractiveness in the Italian market, as it continues to establish a strong presence among consumers. The platform’s rapid growth is already evident, with Revolut achieving the status of the most downloaded financial application in Italy for 2024. It stands out as the only banking service among the top 20 most downloaded apps alongside giants like Instagram, TikTok, and Amazon.
Celebrating 50 Million Customers Worldwide 🎉
Recently, Revolut commemorated a remarkable achievement: surpassing the landmark of 50 million customers globally.
Since its inception in 2015, Revolut has rapidly expanded its presence, now operating in 38 different markets worldwide. The app has experienced tremendous growth and, within this year alone, has welcomed 10 million new customers.
Revolut set its sights on reaching the 50 million customer milestone back in March, coinciding with a series of strategic investments, the launch of innovative products, and robust marketing campaigns.
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