Revolut launches bank in Lithuania

Revolut launches bank in Lithuania

By bne IntelliNews May 5, 2020

The UK-based Revolut has launched a regular banking service in Lithuania, the fintech company said on May 4.

The announcement means that some 300,000 Lithuanian customers of Revolut can now keep their savings in standard bank accounts that will be deposit-protected by Lithuania, a Eurozone member state.

So far, Revolut users could only use the company app for money transfers and related financial services.

Revolut, launched in 2015 in London by Russian-born entrepreneurs Nikolay Storonsky and Vlad Yatsenko, started by offering prepaid card services for foreign currency payments. After it obtained banking licenses across Europe in 2018, the company began rolling out banking services such as current accounts, loans and overdrafts.

The company has 25 offices and over 10mn customers globally. Earlier this year, Revolut said it would shift the management of its payment operations from the UK capital to Ireland and Lithuania because of Brexit, taking advantage of its Lithuanian banking licence, obtained in 2018.

The Lithuanian capital has been establishing itself as a regional fintech hub for the last few years.

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