Revolut Launches Licensed Bank in Lithuania with 300,000 Clients

Revolut, a London-headquartered challenger bank, has officially launched a licensed bank in Lithuania, thus protecting its European customers’ interest.

The customer deposits in the new entity will be protected by the Lithuanian state company Deposit and Investment Insurance.

This came ahead of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term as Finance Magnates earlier reported that the mobile bank was planning to move its Central and Eastern Europe-based clients to the new European entity in Lithuania.

Revolut received a European banking license from the Bank of Lithuania and the European Central Bank (ECB) in 2018 and appointed Virgilijus Mirkės, a former SEB Bank and Scotiabank executive, as its chief executive officer the following year.

“Revolut has become a trusted household name in Lithuania. We have achieved this by solving our customers’ problems, treating them fairly, and being at the forefront of financial innovation. We are incredibly excited to take the next step in our mission to build a world-class bank for our customers in Lithuania,” Mirkės said in a statement.

Around 300,000 customers of the banking platform can now deposit salaries and other funds in the new banking entity. It will also allow its customers to upgrade from e-money accounts to bank deposit accounts from their Revolut app.

The company is also planning to introduce lending services through consumer loans and credit cards in the coming months.

Revolut is also expected to bring its newly launched Revolut Junior accounts, targeted to children from 7-17 years to its European clients.

Creating a global presence

With a total of 10 million customers, Revolut is now eyeing for global expansion. Last March, it launched its services in the United States, enabling American clients to open up accounts. The company also has a presence in the Singapore and Australian markets.

Earlier this year, Revolut raised $500 million in a Series D funding round with a valuation of $5.5 billion, thus becoming UK’s most-valued Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startup.