Fintech Revolut has been granted a conditional licence to establish a bank in Israel, the Israeli banking regulator said today.
Revolut becomes the third new bank granted a licence since 2019 after 40 years without any new banks in Israel.
Bank of Israel Governor Amir Yaron said efforts to increase competition in the sector have removed barriers to entry and created conditions to encourage new players into the banking system.
The new bank will be called Revolut Bank Israel
Revolut said its goal is to create real competition in the Israeli banking sector.
