Yuh CEO Jan De Schepper has accused Revolut and other foreign neobanks of competing unfairly in Switzerland by sidestepping local licensing costs that domestic players must bear. Speaking to Finanz und Wirtschaft as the Swissquote-owned digital bank marked five years of operation, De Schepper said unlicensed rivals market aggressively to Swiss customers without paying for FINMA oversight, calling the practice unacceptable.
Yuh now serves 425,000 customers and targets one million users without expanding headcount by deploying its chatbot Yuhlia to handle ninety percent of queries. The app posted its first annual profit of CHF 1.7 million in 2024 after customer numbers surged forty-eight percent. Revolut dominates the Swiss neobank space with fifty-three percent market share and 1.2 million users, though De Schepper argues Yuh generates superior per-customer revenue at over CHF 200 annually and holds average balances near CHF 10,000 versus smaller holiday-use accounts at competitors.
FXnCO Insight
Regulatory arbitrage disputes are intensifying across European fintech markets as locally-licensed banks push authorities to level the competitive playing field with cross-border challengers.
Source: Finance Magnates