Revolut Eyes Swiss Payment Acceptance, Weighs Banking Licence
Revolut, the global fintech giant, is poised to expand its Swiss operations. It's awaiting regulatory approval to enter the payment acceptance business and is reviewing banking licence options from PNC Bank and US Bank. The company, which serves over one million Swiss customers, has seen rapid success, achieving profitability shortly after launch.
Revolut's global business and profit performance is typically overseen by the COO or CEO, although the current employee in this role remains unnamed. The company is planning to broaden its loan offerings in Switzerland, building on its existing success.
Revolut's expansion into Switzerland has been significant. It now serves over one million customers in the country, contributing to its global customer base of 65 million. The company aims to reach 100 million customers by 2027.
Revolut's Swiss account numbers are currently issued under Postfinance, which limits their use as salary accounts. The company is exploring options to operate under a Swiss banking licence from PNC Bank or US Bank, or establish a full local branch to overcome this.
Revolut's move into new headquarters in London's Canary Wharf signals its growing status among established financial institutions. With a net profit of around CHF 900 million in 2022 and a valuation of about US$75 billion, Revolut's Swiss expansion is set to continue. The company is also preparing to sponsor the Swiss Formula 1 team Sauber from 2026.
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