Revolut receives conditional banking license from Bank of Israel

Revolut has been granted a conditional banking license by the Bank of Israel, allowing it to enter the Israeli retail banking market. The digital bank plans to offer services including current accounts, foreign exchange, money transfers, and payment cards, with operations expected to begin within about a year.

The Bank of Israel has granted a conditional banking license for the establishment of "Revolut Bank Israel," part of the international fintech group Revolut. The license was awarded to representatives of Nikolay Storonsky, founder and controlling shareholder, but the bank has not yet received approval to offer services to the public and will need to complete regulatory, technological, and operational preparations. Revolut serves more than 80 million customers in 40 countries, with an estimated value of $115 billion. The new bank is expected to initially focus on forex, money transfers, and debit cards, joining two other digital banks in Israel: One Zero (active) and Ash (not yet operational). The bank will be led by CEO Uri Nathan and Chairman Dr. Shmuel Ben Zvi. The article notes that the banking system views the entry as a significant competitive event but estimates that the conservative Israeli customer will not abandon the traditional bank quickly.