British fintech company Revolut has announced plans to become a leading direct bank in Germany, targeting to more than double its private customer base by 2026. This week, the company introduced a significant technical innovation by offering German IBANs to new customers.
Strategic move with German IBANs
Revolut has begun issuing German International Bank Account Numbers (IBANs) to new customers, with existing customers to follow in the coming months. “This brings us a big step closer to our goal of becoming a primary bank,” said Christoph Kuban, General Manager at Revolut Germany. The company currently serves two million private customers in Germany and aims to increase this number to five million by 2026, positioning itself as one of the leading online and direct banks in the country.
Previously, Revolut operated in Germany with a Lithuanian full banking license, issuing Lithuanian IBANs to customers. This often created obstacles in daily banking transactions, known as “IBAN discrimination,” where authorities, employers, or other companies would not accept Revolut’s bank details. To enhance its appeal as a primary bank, Revolut plans to expand its product offerings in Germany. This autumn, the company will launch a daily interest-bearing savings account and free savings plans for index funds (ETFs) through its app. Future plans include offering credit cards, overdraft facilities, and real estate financing, expanding beyond their current debit card offerings.
Competitive landscape and company profile
Revolut employs around 250 people at its Berlin branch and over 10,000 worldwide. The company operates under the supervision of the European Central Bank and Germany’s financial supervisory authority, BaFin. Customer deposits remain protected up to €100,000 through the Lithuanian deposit insurance fund. In Germany, Revolut faces strong competition from other neobanks like the larger smartphone bank N26 and online broker Trade Republic, as well as established direct banks such as ING Deutschland, which alone has more than nine million customers in Germany, and Deutsche Kreditbank (DKB). According to company data, Revolut serves more than 45 million customers globally and has been operating in Germany since 2022.
