Neobanking group Revolut has hit 3m customers in Italy.

The company made the announcement, alongside the launch of a new fixed interest rate product for clients in the country.

Italians can now deposit up to €100,000 with Revolut and receive an annual interest rate on the deposit of 3%.

The bank has also launched Italian IBANs and personal loans to customers in the country.

According to Ignacio Zunzunegui, the company’s Head of Growth for Southern Europe, Revolut has been averaging 160,000 new accounts per month in Italy and aims to surpass 4m total accounts by the end of this year.

“We are taking another step towards the goal of becoming the main bank of Italians,” Zunzunegui told Italian outlet ANSA.

“We have just announced the launch of Italian IBANs and personal loans and are now targeting 4 million customers by the end of the year. The new product will initially be available to all new customers while existing customers will gradually gain access over the coming weeks, as the product is only available to Italian IBAN holders.”