Revolut starts through: German IBAN for millions of new customers!

Revolut starts through: German IBAN for millions of new customers!

British Digital Bank Revolut has ambitious ambitions in Germany. In order to enlarge its customer base, the company is now introducing German ibans for new customers who open an account. This measure was described by Christoph Kuban, the General Manager at Revolut Germany, a significant step towards establishing as a house bank in Germany.

With around two million private customers in Germany, Revolut already has a solid basis. The goal is to increase this number to five million by 2026 and to position itself in the long term as one of the leading online and direct banks in German banking.

Customer question and problems with the IBAN

The company has over 45 million customers worldwide and has been active in Germany since 2022 with a Lithuanian full banking license. The previous use of the Lithuanian IBAN was a problem for many customers, especially if this bank details were not accepted by authorities or employers. This "IBAN discrimination" often led to difficulties in daily payment transactions.

In order to become more attractive as a house bank, Revolut plans to significantly expand its product range in Germany. In autumn, call money offers with daily interest as well as free savings plans for index funds (ETFs) are to be introduced on the platform. In addition, the bank would like to offer loans, overdraft facilities and real estate financing soon; Currently only debit cards are available.

competition in the German banking sector

Revolut has a workforce of around 250 employees in Germany, while more than 10,000 people worldwide work for the company. With the supervision by the European Central Bank and the German Financial Supervision BaFin, as well as deposit protection up to 100,000 euros by the Lithuanian deposit guarantee fund, customers are still offered a strong security basis.

However, the competition for revolut in Germany is enormous. The market is dominated by other neobans such as N26 and Trade Republic. Established direct banks such as the ING Germany, which has over nine million customers, as well as the Deutsche Kreditbank (DKB) are strong competitors, which also tightens the competition for direct customers.

In view of these challenges, it will be crucial for revolut to stand out from the competition through innovative products and convincing services. To get more information about this development, www.shz.de .