Bank of Israel grants conditional banking license to Revolut

The Bank of Israel grants Revolut a conditional banking license to establish a new bank as the global fintech giant prepares to enter the local banking market.

Passing the initial regulatory hurdle to launch the bank to be named Revolut Bank Israel allows the fintech firm to move forward with the mechanical, operational, and regulatory requirements needed to start the bank’s operations for customers.

“This is a first step toward founding the new bank, and alongside the Bank of Israel’s guidance, they will work to complete the process,” says Bank of Israel Governor Amir Yaron. “The main path to increasing competition is bringing additional players into the sector, and over the years we worked to remove entry barriers and create the conditions for new players to enter the banking system.”

It marks the third license since December 2019 that the Bank of Israel has granted for the establishment of a new bank, as part of an effort to boost competition in the highly concentrated banking sector.