Revolut introduces Open Banking for users in Germany

By Megha Bhattacharya

Revolut today announced the introduction of Open Banking for German users, thus enabling them to connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with the Revolut App and view all their finances in one place. The new offering has been developed in collaboration with London-based FinTech TrueLayer.

Joshua Fernandes, Product Owner for Open Banking at Revolut, explained, “With the introduction of the Open Banking function, our offering in Germany will be even more competitive, user-friendly, fast and accessible. We are delighted that the legislators have created the framework for a new digital financial landscape and are personally very proud that Revolut and TrueLayer are pioneering in this respect.”

Recently, Revolut Business announced that it has signed up around 500,000 business customers since its launch in July 2017. The company has also launched new products, updated their interface and navigation, added more mobile functionality and has rolled out a dark mode for its mobile applications. Revolut Business is currently aiming to expand into the US and Australian markets in a bid to facilitate better money movement between continents.

Francesco Simoneschi, co-founder and CEO of TrueLayer, added, “The introduction of Open Banking with Revolut in Germany also marks a significant expansion for us in the country. As the leading open banking platform in Europe, our collaboration with Revolut is continuing at pace and this is just the beginning of what will be a fruitful partnership bringing further innovation to the German market. Revolut’s customers in Germany can benefit from a better user experience, offering a comprehensive view of their finances, as well as greater control and oversight.”