Revolut Bank starts operations in Lithuania: 300 thousand. consumers can switch to insured accounts

According to the report of the company that owns a license from a specialized bank, Revolut has more than 300,000. consumers and is therefore one of the leading providers of financial services in the country.

“From now on, more than 300 thousand. Revolut customers in the country will be able to use bank accounts insured with deposit insurance with the state company Insurance and Investment Insurance. As with all Revolut services, it only takes one couple of minutes and only one mobile app to become a bank customer Existing customers who have received services from Revolut Payments, a Lithuanian registered company with an e-money institution license, may choose to transfer their account balance to Revolut Bank , According to the announcement.

According to the Register of Legal Entities, both Revolut Payments and Revolut Bank have only one shareholder, the UK-based company Revolut Ltd, owned by Nikolay Storonsky, a 35-year-old Briton.

Revolut Ltd in Lithuania also has a branch established in August 2019, run by Andrius Bičeika. According to Sodra on April 15, the branch has 140 employees.

At that time, Revolut Payments had 18 employees, with an average salary of € 3,556.73 (€ 2,152 on hand) and Revolut Bank had 27 employees. Throughout March, the average salary of the bank’s employees was € 3,551.16 on paper (€ 2,149 on hand).

The median salary for those working at the branch was € 1,935.94 on paper (€ 1,196 in hand) in March.

Revolut hired the first employees in Lithuania in 2017, and today the Vilnius office employs more than 170 people in total, responsible for Revolut’s operations, marketing, product development and customer service, “the company said in a statement. .

The three companies are located in Vilnius, Lvovo str. 105A in the Park Town Business Center.

Revolut Bank’s authorized capital amounts to 5,502,500 euros. In 2018, the company received € 259,950 in sales revenue and earned € 5,783 in net profit.

Revolut Payments authorized capital is 500 thousand. euros In 2018, it suffered a net loss of -1,463 euros.

No additional charges

Revolut representatives announced that newly registered customers will automatically receive an offer to become bank customers, and all processes will be done at no additional cost to customers.

“The company’s immediate plans are to provide consumer loans and credit cards, and in the summer to expand banking services to other European countries.” Lithuanian customers will soon receive the version of the Revolut Junior app, which will allow them to open accounts for their children between the ages of 7 and 17. With the help of Revolut Junior, parents will not only be able to easily manage their children’s expenses, but also develop their financial education, “the report says.

It is recalled that the European Central Bank granted a banking license to the Revolut Group at the end of 2018, at the proposal of the Bank of Lithuania, and since then the team has been working on the operationalization of the license.

In June 2019, Virgilijus Mirkės, who has 25 years of experience in the financial sector, in addition to SEB and Scotiabank, was appointed head of Banco Revolut.

The Revolut name has already been established in Lithuania along with other major banks. We have achieved this by offering our clients a completely different experience in managing their finances. Our goal is not only to be a leader in innovation, but also to continue to address people’s financial and governance challenges. It is extremely gratifying that Lithuania has become the first country where we have started to create a new generation, a world-class bank, “said V. Mirkė.

According to the company, Revolut has more than 10 million worldwide. consumers

“In early April, Revolut successfully started its operations in the United States and in February attracted $ 500 million. An investment of $ 5 billion, which raised the value of the company to $ 5.5 billion. Dollars In late this year Revolut intends to launch banking services in other Eastern and Central European countries

Today, the London-based company has 25 offices worldwide and is one of the largest and most prestigious financial technology companies (fintech) in the world. Since its inception, Revolut has earned more than $ 1 billion. transactions with a total value of more than € 100 billion. dollars, ”the company said.

The Revolut app allows you to use multi-currency accounts, make transfers at the real exchange rate, use the budget and savings tool, a free stock trading platform, and more.

It caught the attention of politicians

Revolut’s activities in Lithuania have attracted the attention of Seimas members. Stasys Jakeliūnas, who currently works in the European Parliament, has repeatedly reached out to civil services regarding Revolut’s possible relations with Russia.

At that time, Marius Jurgilas, a member of the Board of the Bank of Lithuania, stated that the information from S. Jakeliūnas was known, that the potential investor had been evaluated by the competent authorities for a long time and that it had been considered reliable.

Storonsky’s father was reported to be working for Russia’s state-owned gas company Gazprom, but no threats to national security have been identified.