Revolut is looking toward Ukraine again: will there be a fresh start?
21 April 12:16
Revolut has confirmed its interest in entering the Ukrainian market after initially announcing its launch in February 2025 but failing to obtain approval from the National Bank of Ukraine and subsequently closing the accounts of its Ukrainian customers.
According to "Komersant Ukrainian", Viktor Stopa, Revolut’s Head of Growth for Western and Eastern Europe, made this statement to the Interfax-Ukraine news agency.
He is convinced that there is no conflict with the NBU, as entering each market has its own specific challenges.
Stopa did not provide an estimated date for when Revolut will once again offer its products to customers in Ukraine. He noted that it is more difficult for neobanks to enter national markets than it is for e-commerce companies, as this activity faces a much higher regulatory threshold.
“I believe that localization is always a challenge: needs differ across markets, as do regulatory requirements, tax reporting procedures, and the steps required to comply,” Stopa emphasized.
He added that from the very beginning, Revolut—which is already present in 40 countries—has strived to become a global company. It was recently announced that Paris will become Revolut’s new headquarters in Western Europe. Revolut has also been gaining momentum in Germany lately, and in some countries, as part of its localization efforts, it is forming partnerships with local players.
“There is a second phase that we are already entering in some markets, where we need to dig deeper, since we have essentially only scratched the surface—we have reached everyone who simply wants a basic standard account that can be used for daily payments,” explained Stopa.
As examples, he cited collaborations with pagoPA in Italy and Bizum in Poland, although this somewhat contradicts what Revolut strives for—to maintain significant control and develop products primarily on its own.
The Situation with Revolut
In early February 2025, Revolut announced that Ukrainians would be able to open a European account with the service and gain access to modern financial services, including instant and free transfers between app users. The range of services was limited because Revolut did not have the appropriate license.
On February 27, 2025, the NBU stated that Revolut Bank UAB, registered in Lithuania, could operate in Ukraine only after obtaining a banking license or opening a branch with the NBU’s permission, in accordance with the law. Either of these options requires approval from the NBU, which assesses the applicant’s business reputation, financial condition, and business model.
Monobank—Ukraine’s largest neobank and the second-largest in terms of retail card customers in Ukraine—opposed Revolut’s entry into the Ukrainian market without obtaining a license.
In early August, NBU Governor Andriy Pyshnyy announced that the authorization and licensing process for Revolut is proceeding in accordance with established procedures. According to him, the company demonstrates a full understanding of the National Bank’s position and is engaged in a constructive dialogue with the regulator.
Revolut has decided to cease providing services and servicing the bank accounts of Ukrainian resident customers opened through Revolut Bank UAB, effective February 22, 2026.
