The Competition and Market Authority has fined three companies of the Revolut group, a British financial technology company, for over 11 million euros.
All the details.
A 5 MILLION EURO FINE ON COMMISSION-FREE INVESTMENTS
Two companies, Revolut Securities Europe and Revolut Group Holdings, have been accused by the Agcm of unfair commercial practices for having “omitted to provide customers, already at the stage of the ‘first advertising contact,’ with clear and exhaustive information on the presence of additional costs and on the limitations characterizing commission-free investments.” The fine amounts to 5 million euros.
A SECOND 5 MILLION EURO FINE ON ACCOUNT RESTRICTIONS AND BLOCKS
Revolut Group Holdings was fined another 5 million, together with Revolut Bank, for having “managed aggressively and for having omitted (or provided unclearly) relevant information on conditions and methods of suspension, limitation, and blocking of the payment account.”
A THIRD PENALTY OF 1.5 MILLION ON THE MIGRATION TO THE ITALIAN IBAN
Finally, these two companies received an additional sanction of 1.5 million for “not providing clear and exhaustive information” on the requirements and timing to obtain the Italian IBAN instead of the Lithuanian IBAN: the migration was introduced last year.
“Revolut,” reads the Agcm provision, “is aware that the management of the migration to the Italian IBAN disappointed customers’ expectations and that the reasons justifying the delays in starting the migration project could not detract from the need to proceed quickly with the migration to avoid the emergence of disputes. According to the complaint data provided by the Company itself, [omissis] the incidence of complaints in Italy was higher than in other European branches of the Company affected by similar IBAN migration processes. […] The documentation on record shows that the aforementioned requirements led to a customer selection such that, in July 2025, Revolut’s own staff were surprised by the large number of customers deemed “ineligible” (700,000-800,000 at the time the conversation took place).”
REVOLUT’S RESPONSE
“Revolut absolutely disagrees with the Agcm’s conclusions and will appeal. We remain confident that our communications are clear and transparent. Protecting our millions of customers is our top priority. We operate in compliance with strict Italian banking standards. Account checks are mandatory and necessary to protect our customers and the integrity of the financial system,” the company said in a statement.
“The switch to Italian IBANs followed strict local banking protocols,” Revolut continues. “We are legally required to verify customers’ documentation and suitability to ensure a safe, compliant, and orderly transition to the local entity. This decision will have no impact on Revolut’s operations or financial situation.”
WHAT REVOLUT DOES AND WHO OWNS IT
Founded in 2015 in London, Revolut is the largest fintech in Europe and the continent’s most valuable startup, with a valuation of 75 billion dollars. It is a digital bank, without physical branches, offering current and savings accounts, international money transfers, investments in stocks and bonds, cryptocurrency trading, and a range of features for bill payments and wealth management.
The largest single shareholder of Revolut is co-founder and CEO Nik Storonsky, who was born in Russia but renounced his citizenship after the invasion of Ukraine: he lives in the United Arab Emirates; previously he resided in the United Kingdom. Mubadala, the Abu Dhabi sovereign wealth fund, owns a stake in Revolut.
In 2025 in Italy, Revolut’s retail customers grew by 61 percent and business customers by 67 percent, while deposited liquidity increased by 74 percent. In 2026, the company aims to reach five million customers in our country.
