Revolut has applied to Switzerland's Financial Market Supervisory Authority (FINMA) for a local banking licence, alongside a commitment to invest approximately EUR 158 million (CHF 150 million) in the Swiss market over the next five years.
If FINMA grants approval, Revolut would establish an independent Swiss banking entity, enabling it to offer Swiss IBANs, salary accounts, eBill functionality, merchant acquiring services, and deposit protection under Swiss standards. The company said a Pillar 3a pension product and integration with the Twint payment system are under consideration as potential future additions.
Existing customers would be migrated to the new Swiss entity through a transition process designed to meet Swiss regulatory requirements, according to the company. Revolut said the product experience available to customers would remain unchanged, with local IBANs available from the outset and further local products to follow.
Investment and organisational build-out
The planned EUR 158 million investment over five years is intended to support the development of new products and the creation of local jobs in Switzerland. Revolut also confirmed it will make appointments to its executive board and senior leadership team as part of building out the Swiss banking entity.
David Tirado, Chief Commercial Officer at Revolut, described the application as a step towards deepening Revolut's presence in the Swiss market, noting that it would complement the group's existing banking licences and regulatory infrastructure across Europe. In addition, Julian Biegmann, General Manager for Switzerland, said the move would, if approved, allow Revolut to operate as a Swiss bank, enabling customers to receive salary payments directly and manage a broader range of financial services within a single account.
Regulatory and market context
Revolut has more than 80 million customers globally and already holds banking licences in other European jurisdictions. A Swiss licence would extend this regulatory footprint to a market with stringent financial oversight, defined deposit protection standards, and the Twint domestic payment scheme, which is widely used for retail transactions in the country.
The application remains subject to FINMA's review process, and no confirmed timeline for a decision has been given. Should the licence be approved, Revolut said the transition of Swiss customers to the new entity would be structured to meet local regulatory obligations while minimising disruption to existing account holders.
