Revolut becomes an Italian bank: now it also has a national Iban
The group celebrated 50 million customers globally and aims to reach three million in Italy by early next year
2' min read
2' min read
Revolut announces the launch of the Italian branch of Revolut Bank Uab and the Italian Iban. The company is now offering the Italian Iban to all new customers and will offer existing customers the opportunity to migrate to it from January 2025. The global financial superapp Revolut recently celebrated 50 million customers globally and aims to reach three million in Italy by early next year.
What's changing at Revolut
.Revolut's Italian branch has been operational since 18 November, after a lengthy initial testing period, which has now been completed in agreement with the Bank of Italy. As of this week, all new Revolut customers who open a current account in Italy will thus receive an Italian Iban - a stripe beginning with IT - instead of a Lithuanian one, beginning with LT, a detail that unlocks a number of features, starting with the crediting of salaries.
All accounts will be managed by the Italian branch of Revolut and supervised by the local regulator, the Bank of Italy, and the European Central Bank. Customer deposits will continue to be covered up to EUR 100,000 by the Deposit Guarantee Fund of the Bank of Lithuania.
"This move makes Revolut Bank's branch in Italy a full-fledged bank in the country," comments Nicola Vicino, recently appointed general manager of the Italian branch. "Offering a current account with an Italian Iban will facilitate everyday transactions and the use of Revolut, making it much easier for customers to choose us as their main bank. Our Italian account can now be used to receive salaries and pay bills or direct debits without any friction. In addition, the branch operates under the supervision of the Italian regulator'.
According to a study by Revolut, almost half of Italians (46%) consider a local Iban essential when choosing a bank as their main account. The addition of the Italian Iban to the increasingly comprehensive range of financial products offered by superapp makes superapp increasingly in line with its strategy of presenting itself as the first bank of choice for users.
