Revolut Switzerland: Revolut Swiss Newco and Mass Hiring, Towards a Swiss Banking License?
British neobank Revolut is showing multiple signs of establishing a banking presence in Switzerland. Between the creation of a new company in Zurich, recruitment of strategic profiles, and its chairman's presence in Canton Zug, obtaining a Swiss banking license appears to be on the horizon.
Revolut Swiss Newco: A Discreet but Strategic Structure
Revolut Swiss Newco has been active since December in Zurich, according to the Zefix commercial register portal. Officially, this company provides "internal group support services that are not subject to licensing requirements or other authorizations under Swiss financial market legislation."
This cautious wording doesn't prevent the company from displaying ambitious objectives: it can acquire, hold, manage and dispose of participations in companies of any nature in Switzerland and abroad. A typical holding structure, capable of becoming the beachhead for future banking operations.
FINMA Remains Cautious, Revolut Silent
Contacted by the AWP press agency, the Swiss Financial Market Supervisory Authority (FINMA) did not confirm the fintech's authorization to operate as a bank. However, it specified that "Revolut only has authorization in Switzerland as a representative of a foreign bank-securities dealer."
Currently, Revolut operates in Switzerland with a Lithuanian banking license and remains subject to British Prudential Regulation Authority (PRA) supervision. For its part, Revolut did not comment on the subject to AWP.
Recruitment That Speaks Volumes
Analysis of job postings on LinkedIn reveals a structured establishment strategy. Revolut is currently recruiting in Switzerland for highly strategic positions:
Finance and Treasury:
- Head of Finance
- Financial Controller
- Treasury Manager
- Tax Manager
Risk and Compliance:
- Head of Risk
- Business Risk Manager
- Regulatory Compliance Manager
- Financial Crime Compliance Manager (Wealth & Trading)
- Data Protection Officer
Legal and Operations:
- Legal Counsel (Trading)
- Strategy & Operations Manager
- Recruiter (Business)
This list doesn't correspond to a simple commercial representation. It's the complete backbone of a regulated financial institution: financial management, risk management, regulatory compliance, treasury, and specialized legal counsel.
Martin Gilbert Settles in Zug
According to Bloomberg, Martin Gilbert, Revolut's chairman, holds a Swiss residence permit in Canton Zug, although he doesn't plan to settle there full-time. This canton, known for its attractive taxation and concentration of fintech and crypto companies, is a logical choice for executive presence in Switzerland.
Global Expansion That Includes Switzerland
At the end of September 2024, Revolut announced $13 billion (CHF 10.3 billion) in global investments over five years. With 65 million current customers, the neobank is targeting 100 million users by 2027 and plans 10,000 new jobs, doubling its workforce.
In parallel, Revolut obtained banking licenses in Mexico, Colombia, and South Africa at the end of 2024, demonstrating its strategy of local regulation rather than exclusive dependence on its European license.
Analysis: All Signs Point to a Banking License Application
Several indicators converge toward an upcoming or ongoing Swiss banking license application:
- Corporate structure: Revolut Swiss Newco has the characteristics of a holding company capable of owning a Swiss bank
- Mass recruitment: The 12 strategic positions correspond exactly to the organizational requirements of a FINMA-regulated bank
- Chairman's presence: Martin Gilbert obtaining a Swiss residence permit facilitates the local governance required by regulators
- Swiss IBAN precedent: Revolut has previously offered Swiss IBANs, demonstrating its interest in Swiss banking infrastructure
- Timing: The creation of Revolut Swiss Newco in December comes in a context of aggressive international expansion and multiplication of local licenses
Why Switzerland Now?
Several strategic reasons explain this move:
- Wealthy market: Switzerland concentrates an affluent clientele attractive for the wealth management and trading services Revolut is developing
- Regulatory credibility: A FINMA license strengthens Revolut's international legitimacy against traditional banks
- European independence: Post-Brexit, diversifying European licenses reduces dependence on Lithuanian regulation
- Neobank competition: Neon, Yuh, and other local players are gaining ground in the Swiss market
Likely Next Steps
If Revolut does indeed file for a Swiss banking license, the process will take several months, if not years. FINMA will carefully examine:
- The group's financial soundness
- The adequacy of local governance
- Risk management systems
- Compliance with anti-money laundering requirements
- Deposit protection and client asset segregation
Ongoing recruitment suggests Revolut is anticipating these requirements and building the necessary human infrastructure now.
Schlussfolgerung
While neither Revolut nor FINMA officially confirm a banking license application, all indicators point in that direction. The creation of Revolut Swiss Newco, combined with recruitment of strategic profiles and the chairman's presence in Switzerland, outlines a clear strategy: transforming the current commercial representation into a genuine FINMA-regulated Swiss bank.
For Revolut's Swiss customers, this evolution could translate into permanent Swiss IBANs, better deposit protection under FINMA regulation, and potentially access to more extensive banking services adapted to the Swiss market.
Sources: Zefix (Swiss Commercial Register), AWP, Bloomberg, LinkedIn Revolut Switzerland