Revolut is taking its next major step in Switzerland. The British neobank has submitted an application for a Swiss banking licence to the Swiss Financial Market Supervisory Authority (Finma). According to the company, the application is currently under review by the regulator.

Approval would allow Revolut to significantly expand its offering in Switzerland. Until now, many customers have primarily used the financial app for low-cost payments and foreign currency transactions while travelling.

That is set to change.

Already 1,3 Million Customers

According to Revolut, it already has around 1,3 million customers in Switzerland. In 2025 alone, it added around 240'000 new customers.

The neobank has therefore built up a considerable presence in the Swiss market. By comparison, financial app Yuh has around 400'000 customers, according to Swiss public broadcaster SRF, while Neon has approximately 250'000.

With its own Swiss banking licence, Revolut could expand further into traditional retail banking, making it a more significant competitor to established Swiss banks.

Swiss IBAN and Salary Accounts

Among the services planned are fully fledged salary accounts with Swiss IBANs, protected by the Swiss deposit insurance scheme. Payment processing for merchants is also expected to form part of the future offering.

According to SRF, Revolut is also considering additional services, including pillar 3a products and the integration of Twint. This would increasingly transform the company’s Swiss offering from a payments and trading app into that of a universal bank.

150 Million Francs for Switzerland

Revolut is prepared to invest heavily in this expansion. Over the next five years, the company plans to invest more than 150 million francs in the Swiss market.

The funds will be used, among other things, to develop new products and create additional jobs. The Board of Directors and management team are also set to be expanded. Revolut currently employs around 30 people in Zurich. If it obtains a Swiss banking licence, that number is expected to rise significantly.

More Than 80 Million Customers Worldwide

Revolut now has more than 80 million customers worldwide. The company already holds banking licences in the United Kingdom, Lithuania and France. In the United States, Revolut recently received conditional approval from the Office of the Comptroller of the Currency (OCC).

Whether and when Finma will approve Revolut’s Swiss banking licence application remains uncertain.