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Revolut Bank, which has a specialized banking license, will officially start operating in Lithuania on Monday. From now on, more than 300 thousand. Revolut customers in the country will be able to use bank accounts insured with deposit insurance at the state company Insurance and Investment Insurance.
Existing customers, who have so far received services from Revolut Payments, a Lithuanian-registered company with an electronic money institution license, may choose to transfer their account balance to Revolut Bank. Newly registered customers will also automatically receive an offer to become a bank customer, according to a report by Revolut Bank.
Revolut Bank’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.
At the end of 2018, the Revolut Central Group received a banking license from the European Central Bank on the proposal of the Bank of Lithuania. In June 2019, Virgilijus Mirkės was appointed head of Banco Revolut, with 25 years of experience in the financial sector.
Revolut has more than 9 million worldwide. About 300 thousand clients use the company’s services in Lithuania. customers
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