Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Italy Fines Revolut Over Investment And Banking Practices
Apr 2, 2026 | NCFA Fintech Market Activity | Banking And Credit, Regulation And Policy
Image: Freepik/rawpixel.com
Consumer Disclosure And Account Controls Under Fire
On April 2, 2026, Italy’s competition authority (AGCM) fined Revolut group €11 million for unfair commercial practices tied to investment disclosures, payment account restrictions, and communication around Italian versus Lithuanian IBANs.
- AGCM imposed a €5 million fine over how commission free investments were presented, saying customers were not clearly told from the first point of contact about additional costs and the limits of fractional shares.
- Another €5 million fine targeted how payment accounts were suspended, limited, or blocked, with AGCM saying customers didn't receive clear pre-contractual information, advance notice, or enough support once restrictions were imposed.
- A further €1.5 million fine focused on how Revolut explained the path to an Italian rather than Lithuanian IBAN, the bank account identifier used for transfers in Europe.
These fines come at a time when Revolut has grown into a bigger and more profitable company, and trying to look more like a primary banking platform than a fast growing fintech. In late March, Revolut reported $2.3B in profit before tax for 2025 with 68.3 million customers and $6B in revenue. Regulators expect more from a company with that type of scale; clarity, conduct, and professional account handling.
Regarding the IBAN issue,, the AGCM said Revolut didn't provide clear and exhaustive information on the requirements and timing for obtaining an Italian IBAN instead of a Lithuanian one. Revolut’s Italy account documentation now identifies Revolut Bank UAB Italian branch details and says the information sheet took effect on March 30, 2026. For a fintech trying to become more embedded in everyday banking, local account setup and customer communication are not side issues, and are important for trust and primary account use.
Revolut said it strongly disagrees with the findings and plans to appeal in the Italian courts. The company said the decision would have no impact on operations or its financial position. That response may settle investors in the short term, but its a sign that once a fintech reaches bank like scale, regulators stop looking only at growth and product breadth. They look much harder at how claims are framed, how restrictions are handled, and whether customers understand what they are actually getting.
See: Revolut’s $75 Billion Valuation and New Canada Plans
Fractional investing, account controls, and local account migration can look like product details when a company is small. At scale, they become conduct risk. Italy’s decision shows how quickly those details can become costly once a fintech evolves deeper into the center of consumer finance.
Talking Point
When a fintech starts to look more like a primary bank, which becomes harder to defend at scale: aggressive growth tactics or unclear customer communication?
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