The application has been submitted to Switzerland's Financial Market Supervisory Authority, known as FINMA. Approval would allow Revolut to provide a broader range of banking services to Swiss customers, including salary accounts, local IBANs and access to Swiss deposit insurance.
Revolut currently serves customers in Switzerland through Revolut Bank UAB, which operates under a Lithuanian banking licence. A standalone Swiss licence would establish the company's fourth independently licensed European banking operation after Britain, Lithuania and France.
The fintech has around 1.3 million customers in Switzerland, representing approximately 24% market penetration, according to the company. Revolut expects that figure could exceed 40% within two to three years if it secures the new licence and expands its local offering.
The company has identified local banking capabilities as an important part of its strategy to compete with established Swiss financial institutions. Some services, including salary accounts and investment products denominated in Swiss francs, are currently restricted by its existing regulatory structure.
Revolut also plans to expand its workforce in Switzerland. Its local team of around 30 employees is expected to triple by the end of next year as the company builds the operational infrastructure required to function as a Swiss bank.
The investment forms part of a broader international expansion strategy. Earlier this month, Revolut received preliminary approval for a national banking licence in the United States, while Britain and France have also granted the company banking licences.
The move illustrates the growing shift among major fintech companies towards securing local banking licences as they expand into highly regulated financial markets.
For Revolut, establishing a Swiss banking operation could strengthen its ability to compete with traditional banks while providing greater control over deposits, payments and investment services.
The application nevertheless remains subject to regulatory approval. The outcome will determine the extent to which Revolut can expand its Swiss banking proposition and deepen its position within the country's financial system.
