Revolut is reportedly planning to open a new branch in Stockholm this year to strengthen its presence in the Nordic region and compete directly with Klarna Group.
The UK-based digital bank aims to increase its Nordic customer base from two million to three million by the end of next year, where Sweden represents half of its regional users.
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This expansion plan not only targets Klarna but also challenges established Nordic banks, which control the majority of household deposits, according to Revolut chief growth officer Antoine Le Nel.
The planned Stockholm branch will operate under Revolut’s European banking licence, issued in Lithuania.
This will allow the company to provide Swedish International Bank Account Numbers (IBANs). It enables customers to receive salaries, set up direct debits, and process local transfers through Revolut accounts.
The company is also preparing to offer additional products in the region, including daily-interest savings accounts in Nordic currencies.
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By GlobalDataIn addition, Revolut will also offer commission-free exchange-traded fund (ETF) investing and Apple’s tap-to-pay functionality for small businesses.
The company has already started recruitment across Sweden, Finland, Norway, and Denmark, while strengthening its compliance, operations, and risk management teams to support its regional growth.
In an interview, Le Nel said: “Our true competitors are the local, traditional banks. Then there are obviously some very strong buy-now-pay-later players. But it’s a bit more niche versus the full breadth of activities that we’re offering.”
Klarna serves around 80% of Sweden’s population and has 110 million users worldwide, with a current market value of nearly $14bn.
Revolut has around 65 million users, and it aims to reach 100 million users within the next two years. Also, the company is pursuing a $75bn valuation as it concludes a fundraising round.
Its operations currently span 40 markets, with plans to expand to 70 by 2030.
In the UK, Revolut is facing delays in securing a banking licence due to regulatory concerns about its risk management capabilities amidst its global expansion.
