Mr. Biegmann, you’ve been General Manager of Revolut Switzerland for nearly a year now. What has happened since then?

I joined Revolut at the end of 2023. We had already been operating in Switzerland for a few years at that point, but always on a cross-border basis – no marketing, no local team. That has changed completely: We now have a local representation of our European banking and securities unit, an office in Zurich, and a team of around ten people – six in Zurich, four in Western Switzerland. And since March, we’ve passed one million private customers in Switzerland.

Without marketing?

Until recently – yes. Growth was entirely organic. Most people came to us through referral programs or simply by word of mouth. In my view, that shows the product speaks for itself.

«There are definitely Swiss customers with six- or even seven-figure balances at Revolut.»

And what’s the goal of this intensified local presence?

It’s very clear: We want to become the primary bank for Swiss customers. Right now, we’re more of a secondary or tertiary bank for many users. So we’re continually expanding the product – individual IBANs via Postfinance, stock and ETF trading, QR payments, and soon joint accounts. And there’s a lot more in the pipeline.

Let’s stay with the IBAN: Many users were confused because their supposedly personal IBAN is issued under Postfinance, not in their name within the BIC system.

That’s true – there were some misunderstandings. We’ve since adjusted our communication. Many people are waiting for a “real” Swiss IBAN they can use for salary payments. Currently, that’s not so easy to implement due to Swiss anti-money laundering rules. But it’s still progress that everyone now has their own IBAN. Previously, all customers had to wire money to a pooled account at Credit Suisse and include their ID in the payment reference. At least that’s no longer necessary.

This new IBAN, and various other features, are only available to Swiss users who are part of Revolut’s Lithuanian banking unit, not the UK-based one from earlier days.

Yes. That’s why we’re encouraging customers to make the switch. As of the end of June, Swiss users who don’t make this transition will no longer be able to receive bank transfers into their Revolut CHF account. Credit Suisse will no longer offer the pooled account service following its takeover by UBS.

«FX forwards are coming soon too.» 

A Swiss banking license would make things easier. There are persistent rumors you’ve applied for one.

We don’t comment on rumors. If there’s something to report, we’ll do so. When it comes to regulatory matters, our primary contact is Finma.

So you’ve built the Swiss onshore business from scratch. Was that a staffing challenge as well?

Absolutely. In the beginning, the first hires worked from home – we simply didn’t have an office yet. We now have a permanent office in a coworking space in the heart of Zurich. The team isn’t huge, but we’re hiring strategically. The focus is on expanding our regulatory team, especially in compliance and reporting.

How many new customers do you gain each month?

Right now, between 20,000 and 25,000. That adds up to about 250,000 new customers per year. That was our goal for 2024 – although I have to say, this isn’t a KPI I monitor daily. It developed naturally.

«We have backing from senior management, including for investments.»

How many of those are truly active? It’s easy to install an app and then forget about it.

Definitely more than half. That means they use the app at least once a month.

Swiss neobanks like Yuh or Radicant are struggling to grow quickly. What is Revolut doing differently?

I think it’s great to see more competition in the market. That’s a win for consumers. For a long time, Switzerland had very few free accounts or cards – things that are a given for us. The big difference is probably this: We think globally. Revolut is active in many countries. We aim to build the app in a way that it can be used anywhere – whether you’re studying abroad or changing jobs.

You also have wealth management products and ambitions. How is that going?

Very well. Our ETF savings plans and robo-advisory solutions are very popular, especially with our younger, tech- and finance-savvy customer base. I personally use the round-up savings feature: every card payment gets rounded up and automatically invested – monthly, low-cost, fully digital.

But those are mostly small amounts, right?

Not only. There are definitely Swiss customers with six- or even seven-figure balances at Revolut. But yes, many use it as a first step into investing or just for travel. Since our business model is fully digital and scales well, the volume isn’t the main concern.

What kind of feedback are you getting from Switzerland’s traditional banking sector?

I haven’t received direct feedback from classic retail banks. But you can see that some banks are reacting to new offers – for example, ZKB scrapped certain fees. Whether that’s because of us, I can’t say. But it’s noticeable.

«At Revolut, things move faster, everything is more KPI-driven.»

Your corporate offering is less well known. How is that business going?

Very well. We have over 10,000 corporate clients in Switzerland. Our digital onboarding is a huge advantage – 10 to 15 minutes, and the account is open. Plus we offer competitive FX rates. FX forwards are coming soon too. We’re also working on more tailored interfaces for Swiss SMEs, such as payroll integration.

In December, you called Switzerland a «strategic market.» What does that mean?

We’re a global company – and yet Switzerland has very high internal priority. Even though it’s smaller than Germany or France. It’s one of the leading financial hubs, and of course we want a presence here. We sense that the local market is open to new solutions. As a result, we have backing from senior management, including for investments. Revolut’s overall vision is to offer a global super-banking app with a harmonized service offering across markets.

You spent eight years at Blackrock before joining Revolut. How did the move come about?

Revolut reached out to me. I found it intriguing because I bring both consulting and capital markets experience – and I’ve worked a lot with regulators, for example on projects for the ECB and the Dutch central bank. It fits well with the role here.

And the biggest cultural difference?

Despite its size, Blackrock had a very entrepreneurial spirit – lots of individual responsibility. At Revolut, things move faster, everything is more KPI-driven. Each quarter has clear goals, and those get measured – very quantitatively. I like that, because it brings structure.

What’s next for Revolut in Switzerland?

We see a lot of potential – joint accounts, free credit card top-ups, eBill, or even pillar 3a pension solutions. Overall, we’re working on making the product usable as a salary account. Many Swiss customers are just waiting for that. Which is great to see.

Julian Biegmann has been General Manager Switzerland at Revolut since the end of 2023. Before that, he spent over eight years at Blackrock in Zurich, most recently as Director in Capital Markets. The trained economist holds degrees from St. Gallen and Milan and started his career as a consultant at Booz & Company.