UK-based challenger bank Revolut has launched as a bank in 10 Western European markets using its Lithuania-based European specialised banking licence.

These markets are Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden.

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Customers upgrading to Revolut Bank for additional services will be offered guaranteed deposit protection up to €100,000 by the Lithuanian State company Deposit and Investment Insurance.

Customers in these countries can upgrade to Revolut Bank from within the app in a few minutes.

Revolut Bank CEO Joe Heneghan said: “Launching the bank in ten new European markets will provide an even greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the near future.”

Revolut claims to serve over 18 million customers globally.

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In 2020, Revolut launched its bank in Poland and Lithuania and continued expansion in the European Union.

After the latest announcement, the challenger bank now serves in 28 EU markets.

The specialised bank license allows Revolut app to offer limited banking services while other financial services are offered through Revolut’s other arms.

Some of the services offered by the Revolut app include the ability to set spending budgets, subscription fees management, money transfer and currency exchange.

In July 2021, the digital bank achieved a valuation of $33bn after raising $800m in funding.

It is also working to acquire banking licences in the UK, US, and Australia.