Revolut founder promises to ‘end the party’ for Malta’s banks

Innovative and technology-first banking will be given centre stage as Revolut app officially launches in Malta 

Revolut founder and CEO, Nikolay Storonsky
Revolut founder and CEO, Nikolay Storonsky

Revolut founder and CEO Nikolay Storonsky has vowed to revolutionise banking in Malta, as the company targets 60,000 Maltese customers by the end of the year. 

Around 25,000 Maltese customers, totalling to around 6% of the whole population, have already signed up. 

“The big banks in Malta have been taking advantage of their customers for years with endless banking fees and crappy technology,” Storonsky said. 

Storonsky didn’t hold back when criticising Maltese banks, and promised to provide Maltese customers with proper, up-to-date technology. 

“Revolut is here to end the party for the bankers and provide the Maltese people with an innovative, technology-first banking alternative,” 

Revolut has vowed to turn the international financial banking sector on its head, with more than 2.5m users world-wide. 

Revolut estimates to have processed over $22b in transactions since 2015. 

The app, which allows users to create an app-based current account in 60 seconds, also allows users to spend abroad in over 150 currencies with no fees, while also allowing free domestic and international money transfers with the real exchange rate. 

Prime Minister Joseph Muscat tweeted his approval at Revolut entering the Maltese banking sector on Friday. 

Revolut’s local country manager Dimitris Litsikakis, will be responsible for managing and growing the entire market in Malta and creating a banking revolution across the Mediterranean. He will be giving a keynote speech at the DELTA Summit in Malta, Malta’s Official Blockchai and Digital Innovation Summit, taking place between the 3rd and 5th of October at InterContinental Hotel, St. Julian’s.

This is the first time a Revolut representative will be publicly speaking at a conference in Malta.