Revolut: new branch and expanding services in Hungary

By: Trademagazin Date: 2024. 08. 20. 11:43

Revolut, one of the fastest growing fintech companies, has reached a new milestone in Hungary: the company plans to open a branch in the country, which will bring significant changes and new opportunities for Hungarian users. In an interview with Portfolio, Tamás Léder, head of Revolut in Hungary, detailed the plans, which include the introduction of customer service in Hungarian and the provision of local bank account numbers.

Opening an account: what does it mean for users?

Revolut currently has 1.5 million users in Hungary and aims to reach 2 million users by 2024. The establishment of the branch enables Revolut to establish an even more direct relationship with Hungarian customers, offer products tailored to local needs, and provide customer service in Hungarian. And by introducing local bank account numbers, the company gives users the opportunity to use Revolut as their primary bank, making their everyday financial transactions easier.

The opening of the branch also means that Revolut will now operate as a local entity in Hungary instead of the previous cross-border service. This not only improves the user experience, but also increases the flexibility and adaptability of the company in the Hungarian market. The new structure allows Revolut to connect directly to local payment systems, reducing dependence on external partners.

Expanding services: personal loans and mortgages

Revolut doesn’t stop at opening a branch. The company’s goal is to become a full-scale bank in Hungary as well, which also includes the introduction of personal loans and mortgages. The company has already launched its personal loans in Romania, where these products are offered at a low interest rate of around 8%, and according to their plans, they will enter the market with similarly competitive offers in Hungary. They also have ambitious plans in the field of mortgage lending: they will soon launch this service in Lithuania and, according to the plans, will bring it to Hungary as well.